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No 'great shakes' for economic growth in 2016: Strategist

It's a central banker's world, and we're all just living in it. At least that's according to Russell Investments' chief investment strategist, Steven Wood.

"We know that Mario Draghi in Europe, Dr. Yellen in the United States, they're really driving the agenda," Wood told CNBC's "Squawk on the Street" on Monday. "I think they're going to drive the messaging and that is going to be, I think, something that investors need to take into consideration."

The Dow added more than 100 points before paring gains on Monday. This comes after all three major indices fell sharply on Thursday and Friday in wake of Fed's rate rise announcement.

Wood added that he believes volatility is likely going to continue into the end of this year. As for 2016, he's "thinking mid-single digits" in growth.

"I don't think it's going to be great shakes for us," Wood said. "We think [growth is] going to be more global; looking at Europe first, Japan second. It's going to be global, and it's going to be active."

It's from these sources — the Fed, the European Central Bank, and to a lesser degree, the Bank of Japan — that both instability and opportunities to harvest and hedge risk come from, said Wood.

And while this instability can be used to an investor's advantage, Wood said the Fed has also been clear that they're "taking away a risk-free safe haven."

"Like it or not, you get the Fed that you have, not the one that you want," he said.

Some might contend that the Fed is normalizing monetary policy at a time when the economy is unprepared to handle it. With these concerns in mind, Wood said the central bank will take gradual action in raising rates.

"We think that the pace of future interest rates is going to be rather moderate, bordering on glacial," he said.