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The Federal Reserve is trying too hard to create the perfect environment for raising interest rates, BlackRock's Peter Fisher said Monday.
"[Fed] Chair Yellen is still trying to create an immaculate tightening, in which they're going to raise rates but no one's expectations are going to be changed, nothing is going to happen in the world, " Fisher said on CNBC's "Squawk Box. "
The Fed's policy statement last week, which took an unexpectedly dovish tone, could have further misplaced market expectations about the first rate hike, St. Louis Fed President James Bullard said in a separate CNBC interview Monday.
Fisher, senior director of the BlackRock Investment Institute, said he's of two minds concerning recent comments from the Fed.
On one hand, he thinks it made sense for policymakers last week to gear for a rate hike and to have lowered their path for where rates may eventually end up. "Their path of the funds rate was too high given how low inflation is."
But what doesn't make sense, according to Fisher, was the stock rally last Wednesday, and Yellen "unfortunately encouraged" the market.
The central bank is still targeting stocks and other asset prices in its consideration of rates, Fisher said, "but the market is going to have to have an opinion of its own pretty soon."
The current near-zero percent level on short-term rates is the "wrong number" given the pretty good economy, he added. "I don't think it's enough incentive to save ... and the wrong signal to our financial sector."
BlackRock's Investment Institute helps the firm's portfolio managers stay connected to marketplace trends.