The Federal Open Market Committee is meeting today to plot the future path of monetary policy.

In a world of high debt and slow economic growth, the Fed’s statement will be closely watched for any new clues that may foreshadow a policy change. Since late 2012, the central bank has relied heavily on the statement that while its views would be “data dependent,” short-term interest rates would remain low “for a considerable time after the asset purchase program ends.”

Not surprisingly, this “considerable time” language has taken on a life of its own. The debate among Fed watchers centers on when in 2015 the Fed will tighten — in March (for the more hawkish), in June or in September (for the more dovish).

Investors’ excessive focus on when rates will rise misses the bigger point. While the market has become infatuated by the timing of Fed increases, the rationale is far more significant. The timing of the first hike will certainly have some effects on the short end of the yield curve and other cash markets, but will do little to the longer-term outlook for stocks and bonds. The reason for the eventual rate hike is much more important.

“ Currently, the Federal Reserve is in a position to play offense. ”

In simple terms, central banks can tighten defensively or offensively. Tightening defensively typically means raising rates to rein in inflation, to defend the local currency or perhaps to address asset-price bubbles (although this function is much debated). The key distinction is that policy makers are playing defense, and in most cases forced into a set of unpleasant choices knowing that higher rates will restrain economic growth.

In contrast, tightening offensively is associated with an improving economy where the central bank is getting out in front of future price increases. As lending and credit creation pick up, both the supply and velocity of money can stoke inflation. In this case, the central bankers aren’t forced into making hard choices and can therefore execute policy more patiently, with fewer growth-impairing side effects.

Currently, the Fed is in a position to play offense. Unemployment is falling and real gross domestic product will likely be near or above 3% for the second half of 2014 and into 2015. Tighter labor markets have yet to create any wage pressure that might lead to higher inflation as wage gains are stalled near 2% annually.

This should allow the Fed to take a flexible, measured and patient approach to normalizing monetary policy. Without significant inflationary pressures, the FOMC can be more thoughtful and balanced about weighing potential adverse consequences, including a stronger U.S. dollar, the budgetary impact of debt-service costs and bank liquidity. It’s much easier to call plays when you’re up three touchdowns.

Central bank tightening cycles are almost always accompanied by increased asset volatility and occasional market corrections. However, the knee-jerk reaction that rate increases are bad for the market is misplaced. Moreover, the precise timing of the first hike is of little consequence to long-term investors.

There will come a time in the tightening cycle when higher rates will pose a threat to risk assets, but not anytime soon. Meanwhile, investors may want to focus on the “why” rather than the “when” of the Fed’s decision.

David F. Lafferty is chief market strategist for Natixis Global Asset Management in Boston. Readers are invited to follow his blog.