A sharp stock market pullback is imminent, according to David Rosenberg, chief economist and strategist at Gluskin Sheff.
On Friday, stocks were hammered by fears the Federal Reserve might hike rates sooner than expected, sending the S&P 500 index and the Dow Jones industrial average into a tailspin. According to Rosenberg, there's more trouble ahead.
"You have a perfect storm here if you get something like a Fed rate hike into the next several months," Rosenberg said Thursday on CNBC's "Futures Now. "The problem is that the market is not priced for it. I wouldn't be surprised that we see some kind of repeat as we had towards the end of last year into January-February, which was something close to a 12 percent correction."
Rosenberg, who has been named to the U.S. Institutional Investor All-America All Star Team several times in his career, doesn't think the shake-up can be avoided.