The Federal Reserve could very well increase rates once this year, even though the market is not expecting it, David Lebovitz, global market strategist at JPMorgan Asset Management, said Friday.
"I'm not exactly sure the market is getting this right. The first-quarter growth numbers, they were weak. We saw GDP revised down to 1 percent, which is half of the average growth rate we've seen over the course of the recovery," Lebovitz told CNBC's "Squawk Alley."
"But when we think about what's going to happen in June, we expect a nice little bounce back. When you look at the activity data for the second quarter, it really has held up quite well. Obviously, there are still a lot of questions out there, as to how what happened in the U.K. and Europe will affect the U.S.," he said.