"Even if we don't see market improvement in the U.S. fundamentals, or it continues to decline in fundamentals for that matter, it's very likely that the committee will not be dissuaded from continuing along with subsequent rate increases just about every other meeting," Piegza told CNBC's "Squawk on the Street."
"The market should be gearing up for a second rate hike, potentially as early March," she added.
Piegza made her comments after government data showed new orders for long-lasting U.S. manufactured goods tumbled in December.
The Commerce Department said durable goods orders declined 5.1 percent last month, after slipping 0.5 percent in November.
More disappointing than the headline number was the fact that capital goods orders, excluding aircraft and defense, were down nearly 7 percent over the last three months on an annualized basis.
That metric is used as a proxy for business investment. The decline indicates that businesses pulled back spending more than previously anticipated amid a "perfect storm" of U.S. dollar strength, tepid global demand and a "sizable" inventory overhang, Piegza said.
Neil Dwane, Allianz Global Investors global strategist, told "Squawk on the Street" on Thursday the Fed could be forced to raise rates if crude oil prices rally. Rising energy costs could cause the consumer price index to hit the top end of projections, he said. The Fed's inflation target is 2 percent.