New Federal Reserve Chair Janet Yellen should remove the unemployment threshold from the central bank's guidance on raising interest rates, former Fed vice chair Alice Rivlin told CNBC on Tuesday.
"It might be smart not to have a number," Rivlin said on "Squawk on the Street."
Rivlin gave her advice a day before Yellen was scheduled to hold her first news conference as Fed chair after a meeting of the central bank's policy-making committee.
(Read more: Yellen's media debut: Plenty at stake)
The Federal Reserve had set a 6.5 percent unemployment rate as its marker for when to consider raising interest rates, which the bank relays to the market through forward guidance. CNBC's March Fed Survey showed that 95 percent of central bank observers expect Yellen to move away from the unemployment threshold.