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'It's about time now that rates move up': Fiduciary Trust CIO

  • Interest rate hikes aren't things to fear, Peter Andersen, Fiduciary Trust chief investment officer, told CNBC on Wednesday.
  • "If interest rates are moving up, I know it can pain some fixed-income investors, but in general, that's a byproduct of a healthier economy," he said.

Interest rate hikes aren't things to fear, Peter Andersen, Fiduciary Trust chief investment officer, told CNBC on Wednesday.

Market expectations for a Fed interest rate hike in December are more than 80 percent, but this may not be such a bad thing, according to Anderson.

"It's about time now that rates move up... . Things are really suppressed, in terms of interest rates. And it's [interest rate hikes] a good thing. If interest rates are moving up, I know it can pain some fixed-income investors, but in general, that's a byproduct of a healthier economy," he told CNBC's "Power Lunch."

Peter Mallouk, Creative Planning president and chief investment officer, isn't concerned over the prospect of increased interest rates either.

"It's really hard to see even a few rate hikes really changing the general path of the market. Rates can go up four more times– we're still going to be 50 percent below our historical norm," he said on "Power Lunch."

Asked about the state of the Dowwhich is posting one of its only triple-digit down days this year – Anderson and Mallouk were both calm.

"What this is showing us is some rationality. If these stocks were all moving up in the face of negative news like Chipotle, then we'd really have a problem. But this is showing that there's a two-sided market there, the skepticism is healthy, and it's being reflected in stock prices right now," Anderson said.

Mallouk agreed: "I think it's a normal market reaction. I wouldn't read a lot into one day."