Additional interest rate hikes won't hurt the economy, David Rubenstein, co-founder and co-executive chairman of Carlyle Group, told CNBC.

"We think the economy is in reasonably good shape and can take two more 25 basis-point increases this year without any real disruption," Rubenstein said Wednesday on "Power Lunch" at CNBC's eighth annual Delivering Alpha conference in New York.

In June, the Federal Reserve hiked its benchmark short-term interest rate a quarter percentage point and indicated that two more increases would likely happen before year's end.

Some investors believe additional rate hikes could invert the yield curve, which could signal economic problems and potentially slow down the economy.