The Federal Reserve may raise rates despite the latest jobs report coming in well below expectations, Jeffrey Kleintop, chief global investment strategist at Charles Schwab, said Friday.
"We expect at least one move in the second half of this year. I think fed funds futures are supporting a 90 percent likelihood, even after this morning's report, of a rate hike by the end of the year. That's really what the currency is really going to key off of," he told CNBC's "Fast Money: Halftime Report."
Market expectations for a June rate rise plummeted from about 20 percent to just 6 percent, according to the CME Group's FedWatch tool, after the Bureau of Labor Statistics reported employment growth in May was much weaker than expected.