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The Fed is a sideshow: Market analyst

Closing Bell Exchange: Fed's patient language

While market pros are keeping an eye on the Federal Reserve and trying to anticipate when it will start to raise interest rates, one analyst told CNBC Wednesday the central bank is a "sideshow" at this point.

"Anyone who hasn't figured out how to trade interest rates right now shouldn't be trading for a living," said Keith Fitz-Gerald, chief investment strategist for Money Map Press.

On Wednesday, the Fed released the minutes from its January meeting, which indicated the members are not in a rush to raise interest rates. In fact, Lindsey Piegza, chief economist at Stern Agee, thinks the timeline for the first rate increase will be pushed out.

"The Fed is very well situated to push rate increases into 2016," she said in an interview with "Closing Bell. "

Read More Federal Reserve minutes indicate no rush to raise interest rates

However, Fitz-Gerald said it is "blindingly obvious" the Fed doesn't know what to do next. Therefore, traders have to have two trains of thoughts: if the market takes off, here's what they're buying and if it dives, here's what they're selling.

"You've got to make those decisions ahead of time and I think any trader worth his salt has already done that," he said.

The bigger issue, he said, is what happens next and how global quantitative easing will impact U.S. Treasurys, which are used as collateral by many derivatives traders.

"That is the black swan associated with the QE in Europe because Greece is digging itself in further. Europe is digging itself in further. There does not appear to be a middle ground right now and that is the true unknown," Fitz-Gerald said.

Read More ECB extends liquidity for Greek banks: Report