The Federal Reserve's anti-inflation tightening is going to hit long-risk investors, Scott Minerd said. Another jumbo rate hike is expected when the Fed wraps its September meeting on Wednesday. Minerd cautioned the Fed against hiking rates for much longer, and laid out three reasons why policymakers should think twice. "When you look at the stuff that policymakers should look at, the money supply is contracting, we have inflation that we're looking at in the rear-view mirror, we're not looking at inflation going forward," he said. Read more: Stanley Druckenmiller says the Fed is like a 'reformed smoker,' while Jeff Gundlach warns it's driving the US into a dumpster.

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