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My Fed one-and-done scenario has a twist: Strategist

The Federal Reserve will likely increase interest rates for the first time in nine years next month, but it won't stop there, Federated Chief Equity Strategist Phil Orlando said Monday.

"We believe in the December hike. We think liftoff comes there," he told CNBC's "Squawk Box."

Read MoreMarkets, Fed have very different ideas about inflation

Orlando predicted the Fed will raise rates by "one percent and done," rather than just one rate hike and done. "What we think the Fed does is give us four quarter-point hikes at the four press conference meetings," he said.

There are press conferences with Fed Chair Janet Yellen scheduled after the December meeting, and then next year after the March, June, and September meetings.

"We think the Fed by next September stops at 1 percent," Orlando said, stressing that even a one percent fed funds overnight lending rate is a "relatively de minimis number" compared to the historical average since 1990 of just over 4 percent.

Four hikes at four the press conference meetings would provide the Fed ammunition to stimulate the economy if it were to take a dramatic downturn. "They've reloaded in a sense if there is a problem," he said.

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