A slow economy, weak stock market and growing signs of deflation hardly add up to ideal conditions to raise interest rates in economist David Rosenberg's book.
As the market gears up for a potential summer tightening from the Federal Open Market Committee, with July the most likely target, the Gluskin Sheff strategist said that would be "a reckless and unnecessary move."
"Unlike other periods of tightening, there is no boom, no evident inflationary pressures or perceived bubbles to respond to," he wrote in his daily note to clients. "Maybe the FOMC is bored. Who knows?"
Market-based expectations put the chance of a Fed rate hike at 34 percent in June and 64 percent in July, numbers that rose Tuesday amid a stock market rally in which major averages posted gains of more than 1 percent.