Fixed-income expert Peter Tchir sees the U.S. yield curve flattening going forward as the Federal Reserve raises short-term interest rates but long rates stagnate amid lackluster economic growth.

"The Fed can hike the front end, but I think the back end is saying: 'We don't see the growth. We in fact think the Fed might be acting too quickly.' So you're going to see flatter yield curves -- which I don't see as being that good for the banks," Tchir said during TheStreet's May Trading Strategies roundtable with Jim Cramer.

Tchir, a columnist for TheStreet and our Income Seeker premium site for income investors, noted that the Atlanta Fed has already cut its GDPNow forecast for U.S. economic growth multiple times since the quarter began. He said that's not only bad news for bank stocks, but also for U.S. equities in general.

"We've had this big disconnect for the past probably two months where Treasury yields are low and equities have been high," Tchir said. "I think that's going to resolve itself fairly quickly, and I think the realization is going to be that the fixed-income markets were probably right. Growth isn't there and equities [will] come off a little bit."

Trading Strategies: Sell in May and Go Away?:

Editors' pick: Originally published May 11.

This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.

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