The Federal Open Market Committee meeting will likely be "a yawn," former Federal Reserve governor Mark Olson said Wednesday.
Wednesday's meeting is expected to provide some clarity on the Fed's intentions to raise interest rates in December, a move that is widely expected among analysts and investors.
Speaking on CNBC's "Squawk on the Street," Olson said that while the Fed will probably not raise rates this meeting, the committee's actions could provide hints as to what is in the works for December.
"What I think is going to be particularly interesting is to see how last meeting's dissenting voters react this time. That may be a signal as to whether or not there was agreement on what they're going to do in December," Olson said.
Richard Clarida, global strategic advisor at Pimco, told "Squawk on the Street" in a separate interview that while the Fed could deliver blunt hints of a December hike this meeting, he expects the same number of dissenters, saying it would be awkward to see dissenters sitting out of a critical meeting.
Clarida also said he expects the Fed's overall language to remain fairly dovish.
"They don't want to admit it, but I think that the timing of this meeting, for them, essentially takes this meeting off the table" in light of the presidential election, Clarida said.
"And I think, as a result, there will be a bias to keep the language pretty close to September just to show that, basically, this is just the Fed on course and ignoring the election," said Clarida.
What disappointed Olson more than the likelihood of a throwaway meeting is what he sees as a lapse in the Fed's recent rhetoric.
"There is no reason at this point why the Fed should not be moving back toward more normalization. That's the one thing that's disappointed me about some of the recent statements. I don't see the term 'normalization,'" the former governor said.
Still, Olson and Clarida were in agreement that the economy is well-positioned for a hike in December, though Clarida said the Fed will presumably be as cautious with future hikes.
The strategist said two hikes in 2017 would be reasonable, if not low, but acknowledged that the Fed is keeping in mind other, broader effects of the U.S. Fed raising rates.
"The economy itself probably could adjust [to more than two hikes], but when you have the impact on the dollar and on other parts of the global economy, that does limit the Fed's lift-off," Clarida said.
Former Dallas Fed President Richard Fisher said that global markets constitute more than a mere variable in the Fed's considerations.
"I would note, having just been in Europe, the excoriating criticism right now … across Europe about the failure of negative interest rates as a regime [and] the failure of zero interest rate policy in terms of the way both impact financial institutions," Fisher told CNBC's "Fast Money Halftime Report."
In light of global markets effectively "gagging" on these policies, Fisher said Wednesday that the Fed is exceedingly likely to raise rates in December.
"I think the market's saying, 'Enough, this is damage being done … to pension funds, insurance companies and net interest margins at banks,' and it's a destructive force, not a positive force," Fisher said.
Fisher echoed the idea that the Fed is ignoring the election and trying not to interfere.
Adding to that sentiment, any monetary policy reform moving forward will probably be slow and gradual, according to Fisher, who deemed it appropriate.
But if Fed officials get too dovish, they'll regret it, Fisher contended.
"I think if they don't move in December, they will have egg all over their face, and I think that's the critical issue," he said.