The markets are overthinking an anticipated interest rate hike and central bankers need to simply get it out of the way, former Dallas Fed President Robert McTeer said Thursday.
"The market have been obsessing over this for a long time, and we've had an emergency monetary policy for a long, long time, and there's no emergency anymore," McTeer told CNBC's "Squawk on the Street". "We just need to get it over with."
The Fed has held its benchmark fed funds rate near zero since December 2008. At 2 p.m. EDT Thursday, the Federal Open Market Committee will announce whether it will begin a long anticipated normalization of monetary policy.
McTeer said liftoff would not derail the six-year-long economic recovery.
"People will learn that a quarter of a point on the fed funds rate in an economy that was last growing 3.7 percent, annual rate, is no big deal," he said. The Fed is widely expected to hike rates in 25 basis point increments.