Don't sweat the prospect of no Fed rate cuts, economist says — markets will still march higher

Markets will continue to rally even if the Federal Reserve chooses not to cut interest rates this year, according to Steven Blitz, TS Lombard's chief U.S. economist.

Federal Reserve Bank Chair Jerome Powell speaks during a news conference at the bank's William McChesney Martin building on March 20, 2024 in Washington, DC.Markets will continue to rally even if the Federal Reserve chooses not to cut interest rates this year, according to Steven Blitz, chief U.S. economist at TS Lombard.

"Really what is going on here is an evolution, right?" Blitz told CNBC's "Squawk Box Europe" on Thursday. "It's a very big, diverse economy and it's a very big country. So, you never have all geographic regions and every industry in every corner of the country doing well. There are always leaders laggards, it's just the nature of the beast, right?" Blitz said.

"To be fair to the Fed, which I don't have to be, but to be fair to the Fed they are kind of evolving, and they are doing the right thing by not rushing in either direction."

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