Despite the growing fear of terrorism after attacks in Paris, "the world's economy is sort of going okay. Europe's been weaker for so long – it's going to stay weaker," Lutnick said. "I don't think this is going to change the undertone of how the world is progressing."
If the Fed does decide to raise rates, it will be the first time since 2006. According to Lutnick, the impact of a rate hike expected to be as small as quarter of a percentage point, will be incredibly minimal.
"They need to get it off the ground," said Lutnick. "They're no reason for them to be talking about it anymore – what's a quarter of a percent anyway? It'll buy us all coffee," he joked.
"It's not a real rate. Our whole lives, did any of us actually think a quarter of a percent was actually an interest rate?" he added.
While Lutnick points out that .25 percent would be a small price to pay to get interest rates back in play, a rate rise of any proportion could be impactful. This would be the first time ever that the U.S. experiences a rate rise, after an extending period of ultra-cheap monetary policy.
But according to Lutnick, the markets are relatively prepared. Meanwhile, there's at least one asset that will welcome the change, he added.
"When that's gone, the dollar goes crazy," he said.