NEW YORK (TheStreet) -- An interest rate hike on Wednesday, just six days before the Presidential election, seems exceedingly unlikely, so if the Federal Reserve is going to raise rates in 2016, it's going to come down to the very last month.

Oppenheimer strategist John Stoltzfus thinks any interest rate hike will be part of a slow journey to economic recovery in the U.S.

"It's going to be a gradual process of normalization, not a dramatic process," Stoltzfus said on BloombergTV's "Bloomberg Markets" on Monday morning. "We also think it's going to help if [the Fed] raises [rates] by 25 basis points in December."

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By many standards, the U.S. economy is already improving, Stoltzfus claimed.

"When we look at it, things are getting better. Whether it's the economic data [or] a beginning of the acceptance as to the fact that the Fed really means what it says and says what it means," he said.