With the major U.S. indexes positive for the month, the markets seem to be giving their blessing for the Fed to move this summer. But according to Scott Brown, Raymond James chief economist, even slow moves historically cause market ripples.
"It shouldn't really matter that much, but we've seen oversized market reactions for a number of years," Brown told CNBC's "Squawk on the Street" on Wednesday. "Even earlier this year, there was a lot of fear about the Fed."
The thing to remember, he said, is that Fed policy will still be "very accommodative" even after the next three rate increases.
"The analogy is not so much that they're hitting the brakes as taking their foot off the gas pedal," Brown said.