The Federal Reserve is more market dependent than data dependent and won't likely raise interest rates until September, Citigroup's William Lee said Monday.
Despite the fact that the central bank's April meeting minutes said an increase could occur in June if economic conditions warrant, Lee doesn't think the Fed said anything different from what it's been saying all along.
"They only put in June to say that 'we're ready if things are OK,'" he said in an interview with CNBC's "Closing Bell."
He believes the market, which is only pricing in a 30 percent probability of a June hike, would have been convinced if the Fed did what it did in October, just before hiking rates at its December meeting. Back then, members said it was appropriate to move at the next meeting, and that was in the Fed statement following the meeting. Nothing about a potential June hike was mentioned in the statement following April's meeting.