As members continue to navigate in an economy still balancing on an unsteady tightrope, high unemployment and inflation may be the major drivers behind the Federal Reserve Board's decision to raise interest rates.

Jason Haley, fixed income strategist for ALM First Financial Advisors LLC, offered that opinion shortly after the Federal Open Market Committee gave its recent assessment that the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually.

To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the FOMC also decided to continue expanding its holdings of securities as announced in November.