The odds of a Federal Reserve rate increase have risen recently, but financial markets still haven't given the central bank a green light to keep tightening, Jurrien Timmer of Fidelity Investments said Monday.
"I don't think the market is giving the Fed a blessing at all. I think the Fed is testing the waters to see if they can get away with a June hike, and so far, at 30 percent odds, we're not quite there yet," the company's director of global macro told CNBC's "Squawk Box."
The chances of a rate hike were brought up by increasingly hawkish remarks from Fed officials, most recently St. Louis Fed President James Bullard.
Bullard, a voting member of the central bank's policymaking committee, said in a Monday speech that a relatively tight labor market in the United States may put upward pressure on inflation, raising the case for higher interest rates.