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.

The Fed's December rate decision reflects growing confidence in the economy's trajectory and the continued moderation of inflation pressures, despite an uptick in the inflation rate over the last few months.