The VIX, or the fear index, is up 28 percent in the past month, due to concerns about when the Fed will raise interest rates.
Erik Ristuben, chief investment strategist at Russell Investments, tells CNBC's "Power Lunch" on Wednesday this volatility in anticipation of higher rates is not uncommon because people are worried about the negative impact of a rate hike.
"We still expect September because the Fed has spent a lot of communication capital. That has raised the bar for the data. It would have to be substantially more negative for them not to move in September, " Ristuben said.
He does not believe lift-off will hurt the market and the economy.
"The U.S. economy is recovering and recession is a low probability event," Ristuben said.
The VIX is up 10 percent during trading.