The comments came as the central bank held the line Wednesday, however, while many market watchers consider that the Fed will not raise until May, Feldstein, now a Harvard professor, said the Federal Open Market Committee isn't pointing in that direction.
"I didn't read anything in their statement that made me think that they were walking away form an increase in March," he said.
After the Fed decision on Wednesday, the markets fluctuated before seeing a sharp decline; the three major indexes as of Wednesday's close were on pace for their fourth negative week in the last five. The Dow sank 233 points, the S&P 500 fell 21 and the Nasdaq 100 points. All major indexes were up in late trading Thursday.