The Federal Reserve has been forced to take into account the ongoing events in Greece when mulling over tighter fiscal policy because of "global interconnectivity," Tony Crescenzi, an executive vice president at Pimco, said Thursday.
"For a highly indebted world and with such global interconnectivity, the Fed can't rely simply upon U.S. data alone," Crescenzi said in an interview with CNBC's "Power Lunch." "It has to consider external events and also financial conditions."
On Wednesday, minutes released from the Fed's June meeting revealed that Greece's fiscal crisis may factor into the central bank's decision on when it will raise interest rates because of the contagion risk it presents.
Nevertheless, this is not surprising, Stifel Fixed Income's chief economist, Lindsey Piegza, said in the same interview.
"International development has long been among the conversation of variables when discussing the timeline for policy firming," she said.
"The Fed officials have been very clear that they're watching … the continued underperformance of the economy coupled with volatility overseas, so the Fed is not looking for the potential of a liftoff within a vacuum."
Greece has until Sunday to strike a deal with its creditors.