Federal Reserve Vice Chairman Stanley Fischer said in Israel on Monday that the interest rate hike by the Fed will depend on the incoming data, not on date.

"Our processes are not date determined, they are data determined," Fischer noted.

He pointed that market participants are focused too much on the first interest rate hike. "I think it's misleading," he added.

Fed economists expect the interest rate in the U.S. will reach from 3.25% to 4% in three to four years, according to the Fed vice chairman. Fischer noted that it would not be like the relatively rapid and predictable path of Fed interest rate hikes from 2004 to 2006.