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UK rate cut forecasts storm clouds—US stocks to benefit, market watcher says

The Bank of England's first interest rate cut in seven years to combat any economic slowdown from Brexit points to a real slowdown in Europe, JMP Securities President Mark Lehmann told CNBC on Thursday.

"A lot of these moves are pointing to a slowdown in Europe and a colossal change of what we're expect over there," Lehmann said on "Squawk Box."

"I think it's going to point you back to the [United States] ... for the fourth quarter," he predicted, saying he also expects a "very good 2017" for U.S. stocks and the market for initial public offerings.

An increase of nearly $80 billion in the Bank of England's government bond-buying program, known as quantitative easing, to $573 billion was also announced Thursday.

The BOE also reduced 2017 growth expectations, citing "substantial uncertainty," after the U.K. voted to leave the European Union in June's referendum.