As investors continue to debate the federal tightening of monetary policy, the debate has become greater than the rates.
It is no longer a matter of whether the Fed should increase interest rates; the focus has now shifted to the pace at which the Fed should raise rates.
Amid the heightened debate surrounding rising demand, the Fed will be pressured to finally raise rates, Bove said Tuesday.
Still, Stumpf thinks the rates should remain "lower for longer" on the long-term side to create a greater global impact. In this scenario, the rates shouldn't go up rapidly in 2016 but should rise at a modest pace to match economic demands.