The Federal Reserve minutes released Wednesday should theoretically give investors more clarity on when the next rate hike is coming. But the central bank and the market are having communication issues, according to Michael Feroli, chief U.S. economist at JPMorgan.
"We're working our way towards an agreement between the market and the Fed," Feroli told CNBC's "Squawk on the Street" on Friday. "Sometimes the Fed has to hit the market over the head with where they're going in the next meeting."
Messages from the central bank's chair, Janet Yellen, in the past few months have been more dovish than what we heard in the minutes from the Fed's April policy meeting, Feroli said.
"The emphasis on the communication recently, even if the market hasn't heard it, has been data dependence," he said.
Krishna Memani, chief investment officer of Oppenheimer Funds, echoed Jeffrey Gundlach's sentiment that the Fed has changed its tone. Gundlach, CEO of DoubleLine Capital, said Thursday that the central bank has moved away from needing an improving data pattern to raise rates. Now, it is looking to raise rates unless the pattern weakens, he said.
"If you had listened to Janet Yellen in March, that certainly wasn't what she was saying," Memani told "Squawk on the Street" on Friday. "So while they can blame the markets for not getting it, they are to blame for the markets not to get it."