The market doesn't believe we're losing Fed independence, says Invesco's Brian Levitt

Summary

Brian Levitt, Invesco's chief global market strategist, discusses Fed independence, the search for the next Fed chair, and inflation expectations. He says the market is mostly looking past Fed independence concerns because rate cuts are already expected. He watches 3-year breakevens as a key signal and sees Fed easing against other central bank easing leading to a weaker dollar and opportunities outside the U.S.

• Brian Levitt joins Squawk Box to discuss Fed independence and market trends.
• Levitt says the market is largely looking past Fed independence worries because rate cuts are priced.
• He is watching 3-year breakevens; a break above 2.25%-2.50% would be a problem.
• Other central banks have eased and the Fed is expected to ease.
• Levitt expects a weaker dollar, not a collapse.
• He sees opportunities for investors outside the United States.
• Fed independence matters most during crises, according to the discussion.