The stock market may have rejoiced after President Donald Trump's win, but the "honeymoon is over," closely followed analyst Peter Boockvar told CNBC on Friday.

While investors hopeful about promised tax and regulatory cuts piled into U.S. equities after the election, the market "hasn't done anything" since mid-December, the chief market analyst for The Lindsey Group pointed out.

"I'm as excited as anybody in having lower taxes and in easing regulatory burden. But I think the tax reform is a lot more complicated and I think we need to see how this unfolds over the next few months," Boockvar said in an interview with "Closing Bell."

And if the market is right in predicting an acceleration of growth, the Federal Reserve will be raising interest rates three times this year — or more, he noted.

"So we'll have this tug of war between tightening of monetary policy and higher interest rates on one side and the optimism about fiscal relief on the other side," said Boockvar.

In fact, he believes as it stands right now, the Fed is already far behind the curve when it comes to raising interest rates.

"The Fed funds rate should not be where it is. It is way too low relative to the state of the economy. It is way too low relative to the potential fiscal stimulus we're going to get," he said. "The Fed is just playing this fearful game that somehow they are going to muck everything up if they happen to raise more than three times this year."