NEW YORK (TheStreet) -- Markets appear to have already priced in the expectation that the Federal Reserve's Open Market Committee won't raise interest rates when it issues its monthly statement this afternoon but December may be a different story.

Former Federal Reserve Bank of Dallas President Richard Fisher told CNBC Wednesday that the marketplace gives the Fed a 70% probability of raising interest rates in December.

"I think if they don't move in December, they will have egg all over their face," Fisher said on "Halftime Report." "I think that's the critical issue. Whether they signal it in the statement right now, that's a matter of wording, but I think it's fairly clear, certainly from chair [Janet] Yellen's comments to the Economic Club in New York the last time she spoke, she'd like to get rid of this 'asymmetry of risk' that she spoke about."

The Fed is likely to slowly raise interest rates over time, he added: "I do think it is appropriate to be slow and gradual here." 

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