Higher interest rates would provide a backdrop to stop the "crazy volatility" in markets, Steinberg Global Asset Management's co-founder and chief investment officer said Tuesday.
Low interest rates are typically seen as supporting equity prices because investors seeking higher yields they cannot get in bond markets pile into stocks. But cheap money in today's low interest rate environment is not healthy, Richard Steinberg told CNBC's "Squawk Box" on Tuesday.
"Traders in the short run have hijacked this market. You're seeing moves in crude or in equity prices, other commodities that could be the move of a year happening in a day or two," he said.
Steinberg made his comments one week before the Federal Reserve's policymaking committee meets to discuss rates, and following a five-day rally U.S. stocks. U.S. crude surged 5.5 percent to nearly $38 a barrel on Monday, its biggest one-day gain since early January.