Cazenove Capital Management's CIO Richard Jeffrey said the Bank of England should have raised interest raised this year instead of waiting for perfect economic conditions.
Bank of England policymakers expect inflation to fall below 1% over the next six months, according to the latest quarterly Inflation Report.
The Bank of England's chief economist has suggested interest rates could remain low for a protracted period without causing inflation to spike.
The US dollar has hit multi-year highs against a basket of currencies as investors take a hawkish view of the latest finely-balanced set of communications from the Federal Reserve.
UK unemployment fell to its lowest level in six years in the three months to July, according to the latest figures from the Office for National Statistics (ONS).
Two members of the Bank of England's Monetary Policy Committee again voted to raise rates this month, minutes from the latest meeting show.
The US Federal Reserve has created a committee to monitor financial stability and help prevent the emergence of asset price bubbles.
Bank of England governor Mark Carney has hinted interest rates could rise in the spring of next year as the UK economy continues to recover from one of the worst downturns it has ever faced.
Bond managers have said the European Central Bank's move to cut rates and start buying asset-backed securities in Europe means it is now unlikely to implement a mainstream QE programme.