There are two places investors want to look with interest rates climbing — and it may not be the places they’d expect, said Binky Chadha, Deutsche Bank chief global strategist. “I would argue that you want to be long, basically, the two parts … most priced in for falling imminently off a cliff,” Chadha said on CNBC’s “Squawk on the Street.” “That, I would argue, is the banks and the consumer cyclicals.” Interest rates have hit new multiyear highs in recent days, pressuring the stock market and raising investor alarm. Both the 10-year and 30-year U.S. Treasury yields hit levels not seen since 2007 on Tuesday, promoting a sell-off in equities. Chadha said investors should look at banks and consumer cyclical names in this market. The SPDR S & P Bank ETF (KBE) , which tracks banking stocks, has fallen nearly 22% in 2023. Bank stocks took a sharp hit amid the sector crisis earlier this year and have slipped in recent months as investors considered the state of the economy. Consumer cyclical stocks are a broader group that encompass a swath of names connected by their alignment to business cycles and economic conditions. Consumer discretionary names in the S & P 500 have climbed more than 24% this year despite a modest retreat in the third quarter. Both can be considered unusual corners of the market to add exposure, as the two areas are considered places that would struggle in an economic slowdown or in a higher-for-longer interest rate environment. But he said investors could use a similar framework when deciding to buy into technology names in late 2022. That ended up being a good decision, with the technology-heavy Nasdaq Composite rallying about 26% this year. “I understand that sounds pretty tough,” he said. “But I made the same point in December last year about technology, and it played out just fine.”