Economic pain worldwide will trigger capital flight to U.S. Treasurys, driving down those yields, investment manager Louis Navellier says. The Fed will follow.

The Federal Reserve cut interest rates by 0.25% on December 18 but an interest rate cut is unlikely when the Fed issues its next policy decision on January 29.

In remarks at a postmeeting press conference on Wednesday, Fed Chair Jerome Powell said that policymakers are now equally attuned to risks from both sides of the mandate, and would proceed cautiously with future rate cuts to avoid reigniting rapid inflation.