The Federal Reserve has locked itself into a strategy to raise rates one more time this year despite whoever is leading the central bank, a global economist at UBS Wealth Management said.

"I think there's a realization that policy-makers are accepting we've got more normal economic growth, we've got more normal inflation, and they're going to tighten policy and that's filtering through to the bond markets," Paul Donovan told CNBC on Monday.

Data released in the U.S. last Friday showed that inflation rose 1.4 percent in May from a year earlier, below the Fed's target rate of 2 percent. Nonetheless, Donovan from UBS believes that the Fed will increase rates at least one more time this year, "but more importantly I think we've got a long-term quantitative policy tightening program coming through."

"If you get the wrong person leading the Fed then there is a problem. So what I think the Fed is doing is locking itself into a long-term strategy and then even if we get Ivanka Trump as head of the Fed next year, they've got a long-term quantitative policy exit strategy, which would be really difficult to overturn," he said.

The current head of the U.S. Federal Reserve Janet Yellen is due to conclude her term in January of next year. During his campaign, President Donald Trump criticized Yellen for keeping rates low for political reasons and said he would likely replace her.