Power Play: Investing with Fed poised to hike rates

Janet Yellen
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Janet Yellen

Market strategists may be debating when the Federal Reserve will raise interest rates, but one thing is clear, rates are going up. Despite all the uncertainty surrounding the first rate hike, you can still make money in this environment.

The first thing is "don't fight the Fed," Jeff Hussey, global chief investment officer at Russell Investments, told CNBC's"Power Lunch"on Tuesday.

Hussey recommends riding it out with investments in bank loans. "They are floating rate, high yield corporate bonds that protect you as rates rise," Hussey explained.

Read MoreCurrency turmoil as US rate-hike jitters bite

Steve Auth, equities chief investment officer at Federated Investors, believes the Fed will move on rates in June. "We think it is also likely to set expectations that "normal" is one percent on the Fed Funds rate," Auth said.

Fed policymakers have a two-day meeting scheduled for March 17-18.