CIO: Fed has enough evidence to raise in September

Market volatility aside, the economy is getting stronger and that will give the Fed fodder to hike this year, two strategists said on Friday.

"I think the Fed would certainly have justification here to raise rates in September, given the economic data we've seen this week," Jim Dunigan, PNC Asset Management CIO, told CNBC's "Power Lunch."

Positive economic data this week include higher personal income and consumer spending and an upward revision in second-quarter GDP. "From an economics standpoint certainly the fundamentals are sound and continue to improve," he said. "Given all the market volatility they [Fed] might take a pass in September, but certainly by the end of the year."

John Manley, Wells Fargo Funds Management chief equity strategist, said that the Fed will not tighten until it is absolutely certain that the economy can handle it.

"It could be next month, it could be a while," he said in the same interview. "But the point is they [Fed] are not going to do it prematurely; they're going to make sure they have very strong evidence that they can get away with it."