Marc Faber: This is ‘precisely the wrong time’ for Fed to hike
The Fed is set to raise rates at exactly the wrong time. So contends Marc Faber, the editor of the Gloom, Boom & Doom Report.
The long-bearish market watcher sometimes known as "Dr. Doom" says that, contrary to impressions, the economy in the U.S. and across the globe is slowly improving, "the global economy has decelerated very badly, and many countries are already in recession, or going into recession."
It is in the midst of this apparently tough environment that the Federal Reserve will present its rate decision on Wednesday afternoon. The central bank is widely expected to raise its benchmark target rate by 0.25 percent.
Faber believes that it will do so, but because of his economic outlook, he argues that "if they raise rates, in theory, it's precisely the wrong time."
Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.Dr. Doom also trades currencies and commodity futures like Gold and Oil.