Conventional wisdom says the Federal Reserve wants to telegraph clearly when it will raise interest rates for the first time in more than nine years in order to avoid market disruptions. But economist Steven Ricchiuto said Wednesday Fed Chair Janet Yellen actually wants to surprise markets.
So while consensus is forming around the notion that the Fed's policymaking committee will raise rates in December, Ricchiuto said the central bank may hold off.
The Mizuho Securities chief U.S. economist told CNBC's "Squawk Box" he believes Yellen is looking to break with the easy money policies of predecessors Ben Bernanke and Alan Greenspan that were aimed at propping up ailing stock markets. Those approaches created financial market disruptions, Ricchiuto said.
"I think the markets want to be spoon fed information," Ricchiuto said. "I think what Janet Yellen is trying to do is inject back uncertainty into the decision process, so when people make investment decisions, they have to begin taking risk on board."