The agonizing Federal Reserve interest rate guessing game is turning a long-held investment phenomenon on its head, Citi strategist Tobias Levkovich said Monday.
"It's almost a little bit of kind of 'sell-the-rumor, buy-the-news.' Let's get it done already so the market can get past it," Levkovich said on CNBC's "Squawk Box." It's often the case that stocks run-up on the speculation about an announcement only to sell off once the news becomes official.
Fed Chair Janet Yellen said in a speech Friday that a rate hike, the first in nearly a decade, may be "warranted later this year," but any move would be dependent on the economic data, which remains weak by historical standards.
Citi's forecast on the economy comes in at 3.3 percent growth this year, Levkovich said—adding that various surveys of what companies, excluding energy, say they plan to do indicate more hiring and increased capital expenditures.
Meanwhile, business economists predicted 3.1 percent GDP growth this year, the best performance in a decade, according to a poll released Monday by the National Association for Business Economics.