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Power Play: Interest rate hike may be a good thing

Janet Yellen
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Janet Yellen

Stocks are down ahead of this week's Fed meeting on interest rates. But two market veterans are not worried about a rate hike, telling CNBC's "Power Lunch"on Monday lift-off will be a good move.

Scott Clemons, chief investment strategist at Brown Brothers Harriman Wealth Management hopes the Fed will raise interest rates this week. "That will send the message that the Fed is confident, not worried about China," Clemons said.

Read MorePoll: When will the Fed raise interest rates?

Sandy Lincoln, chief market strategist at BMO Asset Management, believes Fed inaction is weighing on corporate and consumer confidence.

"A rate hike confirms [an] improving economy and it's generally good for stocks," Lincoln said.

The Fed meets Wednesday and Thursday to consider the first rate increase in 9 years.