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Expect more volatility with fed uncertainty

A trader works on the floor of the New York Stock Exchange.
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Stocks rallying Friday following a week of volatility.

Fed Chair Janet Yellen made remarks late Thursday expressing the greater possibility of seeing an interest rate increase by the end of the year.

Read More Yellen 'felt dehydrated' after long speech

Stocks reacting mid-day however, with the major averages moving off their highs with news of the surprise resignation of John Boehner as house speaker and from Congress, effective at the end of October.

Read More Speaker John Boehner resigns from Congress

Two money managers with similar takes on the Fed's market impact.

Northern Trust Wealth Management Chief Investment Officer, Katie Nixon believes the Fed should "stay put on rates for the right reasons."

Nixon says "with headwinds reaching the 2% inflation target in the form of a strong dollar and weaker commodity prices, the Fed needs more time to determine whether inflation will pick up."

Krishna Memani, is Chief Investment Officer with OppenheimerFunds. Memani says for the market to stabilize one of two things has to happen."

Either China, emerging markets, energy and commodity outlook needs to stabilize or the Fed needs to be priced out of the market by either raising rates for a one-and-done or not raising as the economy weakens modestly."

Both Nixon and Memani agree that volatility will continue with Fed uncertainty.

Memani offers the following advice for the current environment, "be in the belly of the risk curve, buy industrials and financials far more than energy and materials or utilities and consumer staples."

Nixon says, "we continue to refrain from inflating the speculative bubble surrounding this rate decision, and prefer to focus on our base case, which is that once liftoff is achieved, the future of interest rates will be shallow."