Terry Duffy, president and executive chairman at CME Group, said Tuesday he's "not as optimistic" that the Federal Reserve will be able to engineer a "soft-landing" when policymakers decide to raise interest rates for the first time in nearly a decade.
"I think we could see some knee-jerk reactions coming up either later this year or sometime next," he told CNBC's "Squawk Box" in an interview.
The CME FedWatch tool—which tracks daily market reaction on potential changes to the fed funds target rate—shows the probability of a hike shifting later in the year.
As of Tuesday, it pegs a move at the central bank's two-day June meeting, which ends Wednesday afternoon, at zero percent. July comes in at 6 percent, September at 27 percent, October 46 at percent, and December at 64 percent.