'The unlucky timing of Trump's presidency' may slow economic growth, Peter Boockvar says

The first years of Donald Trump's presidency could bring about clashes between the president's push to grow the economy and the reality of low interest rates, which will continue to tighten as inflation rises, Lindsey Group analyst Peter Boockvar told CNBC on Monday.

"The unlucky timing of Trump's presidency is that he became president at a time when the Fed is raising interest rates," Boockvar told CNBC by phone Monday afternoon, clarifying his earlier comments on " Squawk Box ."

"He's got to deal with the legacy of [Ben] Bernanke and [Janet] Yellen that left him with interest rates so low [but] are now moving higher," he told "Squawk Box" in the morning, referring to the last two chairs of the Federal Reserve .

"I see 2017-2018 as this tug of war between the welcome relief of tax and regulatory policy, [and] the reality that monetary policy and interest rates are tightening," he continued. "And how is the economy going to deal with that?"

So far, the answer is unclear. Boockvar said capital investment is essential for growth to reach 3 percent or higher, but he wondered whether companies would be encouraged by the administration's early days to spend the necessary capital.

One thing Boockvar said he's certain about: "Yellen, no question, will go very slow in raising short rates."

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