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Strategist: We're stuck in a 'Jerry Maguire' economy

The Federal Reserve will not raise interest rates from near zero until central bankers see signs of wage growth, BK Asset Management's Boris Schlossberg said Monday.

"I think we're just in a 'Jerry Maguire' economy. Show me the money," BK's director of FX strategy told CNBC's "Squawk Box." "We have just not had income growth, and that's really the determinant factor. Job growth has been good to keep us alive, and keep the economy slowly moving forward."

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While the U.S. unemployment rate has fallen to 5.1 percent, the Fed has put off hiking rates from near zero in the absence of signs that inflation is nearing its 2-percent target.

According to Schlossberg, the Fed's policymaking committee may have an even tougher time normalizing rates because currency strategists are starting to predict China's central bank will cut rates, which would presumably strengthen the dollar.

On Monday, China reported its economy cooled off less than expected, but industrial production and fixed-asset investment — seen as a crucial driver of China's economy — came in weaker than anticipated.

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The Fed now faces the critical challenge of being the first major developed nation to return to normal monetary policy conditions following the era of quantitative easing, Schlossberg said.

"No central bank has been able to come back from QE, as far as we know in our history right now," he said. "The Fed is going to have to be first one to actually come out of QE."