Markets are fixated on Fed policy, but two experts said investors should forget the U.S. central bank for now.
Anticipation of a Fed liftoff from near-zero interest rates is "already built into the markets," said Hugh Johnson, chairman and chief investment officer at Hugh Johnson Advisors. Instead, he believes guidance for next year's corporate earnings will likely give a better indication of where markets will go from here.
"Trying to make the case for anything but low single-digit earnings growth in 2016 is very difficult. And if you can't do that, you cannot make a case" for a significant stock rally, Johnson said Friday on CNBC's "Power Lunch."