"We think the economy is in reasonably good shape and can take two more 25 basis-point increases this year without any real disruption," Rubenstein said Wednesday on "Power Lunch" at CNBC's eighth annual Delivering Alpha conference in New York.
Some investors believe additional rate hikes could invert the yield curve, which could signal economic problems and potentially slow down the economy.
But while Rubenstein said it's good to be cautious, he doesn't see "any evidence of a slowdown."
"You have to assume that you’ll have some slowdown in the next five or six years and at that point be prepared for it," he told CNBC's Becky Quick at the conference Wednesday.
"Right now, I think [Powell] feels the economy is doing reasonably well, and I do too," Rubenstein said.