Fed Should 'Come Off the Pedal' on Rates This Week: Ferry

The Federal Reserve ought to signal that it's ready to back off the strong monetary easing policies it put into place during the financial crisis, Kevin Ferry of Cronus Futures Management told CNBC.

Ferry said he would like to see the Fed move away from the so-called "zerp"—zero interest-rate policy—but doubts that will happen until "well into the middle of next year."

The extremely accommodative Fed policies are making the market antsy, he added.

"At least come off the pedal enough to let the market weigh in on it," he said. "They've done a lot of great things, a lot of things we thought they should do, and I think that they should be commended for them. But it's time to move on now and I think that's where the volatility comes from."

Investors should get a much clearer position about the Federal Reserve's position on interest rates following this week's meeting, he added.

As opposed to recent meetings when the central bank has been cagey about its exit strategy from its monetary easing policies, this meeting could be be different.

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"There is no doubt that they are going to embark on a very strong and unified communication program, but there is going to be debate about how they should do that," Ferry said.

"There will be a unified approach more vocally through the president and whatnot to say this is what the exit strategy will look like. I think they're going to really step up the talk," he added. "There's going to be a difference between policy, which is accommodative, and the level of rates, which is emergency."