The lasting impact on the US economy will still come from the Fed even as the war in Ukraine intensifies, $95 billion wealth management chief says

Greg Fleming, CEO of Rockefeller Capital Management, said that the impact on the US economy won't be as significant as the Federal Reserve's next move.

The impact on the larger economic picture and markets really works from how the Ukraine crisis affects the Fed because the Fed, rates and the economy are where the greatest part of the market and economic action is, he told CNBC in a Monday interview.

The war in Ukraine, skyrocketing energy prices, and the downward pressure on Europe's economy will all affect the US central bank's actions.

He said that the central bank could be a little less aggressive with their rate hikes. The pace of Fed tightening will affect how the US economy fares after the war in Ukraine.

His comments echo those of El-Erian, who last week said the Fed wouldn't be able to hike interest rates as aggressively because of Russia's invasion.

Oil has jumped above $100 a barrel and global markets have been rattled by the crisis.

The Fed has to break the back of inflation expectations that are starting to get embedded in the economy.