The Fed ought to signal that it's ready to back off the strong monetary easing policies it put into place during the financial crisis, Kevin Ferry of Cronus Futures Management told CNBC.
Ferry said he would like to see the Fed move away from the so-called "zerp"—zero interest-rate policy—but doubts that will happen until "well into the middle of next year."
"At least come off the pedal enough to let the market weigh in on it," he said. "They've done a lot of great things, a lot of things we thought they should do, and I think that they should be commended for them. But it's time to move on now and I think that's where the volatility comes from."