Wall Street breathing a sigh of relief after Fed Chair Janet Yellen said interest rates are still on track for liftoff this year, but tightening will be at a gradual pace.
But Paul Dietrich, CEO and CIO of Fairfax Global Markets, tells CNBC's "Power Lunch" on Monday, the Fed will likely push off a rate hike.
He believes the Fed is watching what's happening around the globe very closely.
"Europe still has systemic problems and the Fed doesn't want to do anything to derail their progress. If the Fed raises rates, while other central banks are easing, there will be a world-wide flood of money out of those countries to America. This would offset the effectiveness of those other central bank strategies," Dietrich said.