The Fed will soon start to reduce its $9 trillion balance sheet in a process it hopes will run smoothly and in the background. However, former New York Fed senior trader Joseph Wang says reversing the biggest monetary experiment in modern history will not likely be that smooth.

"My own president is one of those advocating for a pretty aggressive hiking cycle, 50 basis points at more than one meeting," St. Louis Fed Vice President and Senior Economist David Andolfatto tells MNI. .

Former Atlanta Fed President Dennis Lockhart told MNI the Fed is doing its best to play catch-up on unexpected and persistent inflation.