While the U.S. growth outlook remains solid, the risks in emerging markets are real, one of Wall Street's top strategists tell CNBC's "Power Lunch" on Wednesday.
J.P. Morgan Private Bank CIO Richard Madigan, who has $1 trillion in assets under management, does not believe the Fed is being altruistic in the face of rising pressure across emerging markets.
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"They clearly understand the backdraft risks coming from emerging markets- having gone back to look at the consequences of 1994 and 1998 policy tightening, the U.S. economy isn't as strong as in those prior instances," Madigan said.
He thinks emerging economies will be challenged well into next year.
"We expect additional dollar strength once the Fed commits to raising rates, but for developed markets we believe the majority of the dollar bull-run is behind us. Emerging markets can see further currency pressure ahead- especially in Asia," Madigan said.