"Janet Yellen, Lael Brainard whom I know, several others, these are really smart people and they'll do what they think is right," Clinton said in an exclusive interview with CNBC from the Clinton Global Initiative's annual meeting in New York.
He declined to say what he thinks the best monetary course should be. The central bank is due to announce its decision on interest rates Wednesday afternoon.
"[The Fed] has more data than I do. I trust them to make the decision," he said.
Clinton said that "it's been a perplexing time" for the American economy, but that Fed will make a decision that "will be manageable economically."
"There was a very long tail on this financial crash that explains most of the road rage in the American electorate and much around the world," he said.
Clinton also explained how the Bill, Hillary & Chelsea Clinton Foundation will reorganize itself if his wife, Hillary, is elected president. He said that if she wins, it would be "impossible" for the Clinton Global Initiative to keep running.
"The economics of it won't work unless there are corporate sponsorships, unless we can have people from all over the world here and I learned that already in this election that some people were subject to a presumption of guilt just because they were participating," he said.
Clinton said that the foundation has been operating for years and has "disclosed everything."