During an interview on "Mornings with Maria" Independent Advisor Alliance CIO Chris Zaccarelli said that the Federal Reserve must act quickly to combat inflation even though raising interest rates will be "dangerous" for the economy and markets.
CHRIS ZACCARELLI: We're in a situation where the economy is still producing at a very high level, we saw negative GDP last quarter because inflation is running so high. They've got to slow down inflation. They need to get ahead of the curve. They're pretty far behind the curve. You already mentioned they're going to raise a half of percent interest rates this afternoon. They're going to have to do that a couple more times, if not three or four more times. So there's really going to need to be a lot of tightening that has to happen in a quick amount of time. Normally, they'll move a quarter-point each meeting, but they can no longer afford to do that. They're going to need to move much more quickly to try to get inflation under control. And that's dangerous to the economy, dangerous to markets. But they have no choice because they've waited too long. That's what we mean about being behind the curve. They're going to have to just move in a much more quick manner and they're going have to jam on the brakes as opposed to slowly applying the brakes.
WATCH THE FULL INTERVIEW HERE: