Investors may have to rethink when the Federal Reserve will raise interest rates following the European Central Bank's announcement that it will buy more than 1 trillion euros in bonds, Janney Montgomery Scott's chief investment strategist told CNBC on Thursday.
"I think there's a nontrivial chance that this helps to delay the Federal Reserve's liftoff date with regards to interest rates if the dollar continues to strengthen," Mark Luschini said in a "Squawk on the Street" interview.
ECB President Mario Draghi announced that the central bank will purchase $60 billion a month in sovereign debt and other assets through at least September 2016. The bank chief also implied that the program could in fact be open-ended.
Luschini hedged slightly, saying that exports account for about 15 percent of U.S. GDP, of which about 15 percent go to Europe. That means a relatively small part of America's economy is affected by the euro-dollar cross, he said.
However, if the de facto effect of Europe's bond-buying is a strengthening of the dollar, American multinationals will face headwinds, U.S. bond yields could come under pressure and inflation may be tempered, he said. A stronger dollar makes U.S. products more expensive abroad.
The ECB program will likely lift U.S. equities, Luschini said, though he noted they would also rise on their own merit.
"At the end of the day, if [ECB bond-buying] helps to inflate risk assets in Europe and help the European economy—although I think the economic efficacy of it is a bit in doubt—I think ultimately that will pull forward U.S. equities as well," he said.
He added that European stocks are very cheap on a valuation basis, and Janney Montgomery Scott believes they will outperform U.S. equities in 2015.
European equity markets have rallied about 5 percent this year, while the S&P 500 is down about 0.5 percent.