Paulsen: Fed missed its 'exit ramp' to raise rates

2015 will be the year for liftoff: Williams

As it ponders when to raise interest rates for the first time in nine years, the Federal Reserve already may have missed its best chance.

Previous rate-hiking cycles haven't crushed stock market rallies because they happened as corporate profits were increasing, according to an analysis by Jim Paulsen, the widely followed chief market strategist at Wells Capital Management.

Now that earnings are flat-lining, the market, which at the end of the day is propelled by profits, may not take so kindly to the end of historically easy monetary policy.