The stock market may be pricing in hope about President Donald Trump's agenda, but the bond market hasn't been following suit — creating a disconnect, investment expert Jack Bouroudjian told CNBC on Thursday.
That can be seen with the 10-year Treasury yield "stubbornly" hanging right around 2.3 percent.
"There's some kind of fear that seems to be this black cloud hanging over the marketplace right now," the chief economist for UCX and CNBC contributor said in an interview with "Closing Bell."
He said investors could perhaps be concerned about a repeat of what happened during President Ronald Reagan's term, when the full effects of the 1981 tax cuts weren't seen until 1983.
"This might be a situation where you buy the rumor and you sell the news," said Bouroudjian.
On Wednesday, top White House officials outlined Trump's tax plan, which they said would be the "biggest tax cut" in U.S. history. On Thursday, Trump's budget chief Mick Mulvaney told "Squawk Box" the outline was meant to be vague.
The long-awaited proposal unveiled Wednesday did not include many key details, such as the tax rate for corporate cash repatriated from overseas. The White House was also vague about how it would pay for what it calls the biggest tax cut in U.S. history without busting the federal deficit, though Treasury Secretary Steven Mnuchin insisted economic growth and the closing of loopholes would make up for the lost revenue.
While investors may be hopeful about Trump's pro-growth agenda, it's earnings that is really driving the market right now, Mark Spellman told "Closing Bell."
Right now, with a little more than one-third of companies reporting, about 85 percent have beaten or matched expectations, the co-portfolio manager at Alpine Funds said.
"Earnings are coming in good. Cash flow is coming in very good. So far the season looks pretty well. It enables investors to kind of push off all that noise that's going on in the political world," Spellman said.
There is also no fear in this market right now, added Jonathan Corpina, senior managing partner at Meridian Equity Partners.
"The overall sentiment is to stay in this market, ride it out for as long as you can until we get a couple of real selling pressure sessions on this market where we see some real conviction," he told "Closing Bell."
For Bouroudjian, it all comes back to Washington, D.C.
"Earnings are important but will all of this news coming out of D.C. what's even more important is where those earnings are going to be in another year or year-and-a-half when all of this cash comes back and you see these tax rates down."
—CNBC's Jacob Pramuk contributed to this report.