NEW YORK (TheStreet) -- The Federal Reserve's Open Markets Committee is set to meet on Wednesday, but a November interest rate hike - just six days before the presidential election - would be a stunner. Instead, all eyes will be on the Fed in early December. Quad Group Strategist Peter Borish thinks that the committee will use that month to take a big step forward.

"The question is, does [a rate hike] put them on a path towards normalization? Not towards rising rates because aggregate demand is still a little weak," Borish on BloombergTV's "Bloomberg Daybreak" Monday morning. "They should have done this sooner in my opinion and I think they're going to start in December."

In a normalized world, the Fed would raise interest rates another two or three times in 2017, Borish argued.

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"The rate should probably be 1.25% to 1.5% given where inflation is and inflation expectations," he said.