Frederic Mishkin, a former Fed governor and current Columbia University professor of economics, said on Friday that the Fed has a serious problem in how it communicates its message.
"The key is clarity," he told CNBC's "Squawk on the Street." "If you're going to do something, say what you're going to do and actually mean it."
Mishkin took issue with a dovish statement that indicated no hike in September yet said one was inevitable sometime this year. "And I think that's inconsistent with the message that is in the statement, and that inconsistency is creating uncertainty and that could hurt the economy."
"If they didn't move at this meeting, why should they move at the next two meetings?" he asked.