While traders obsess over the timing of the Fed's next rate hike, Peter Schiff has a simple message for Wall Street: don't.
On CNBC's "Trading Nation," the outspoken investor said the central bank is "bluffing" and instead of waiting for a rate increase, traders should have their sights set on another round of quantitative easing.
"We are addicted to zero percent rates," he said. Schiff says that raising rates would "pop" the stock and real estate bubble that the Federal Reserve has created through its low-rate policies. And that would send the U.S. economy into a catastrophic recession. By his reasoning, the Fed will do anything to prevent stocks from falling. In fact, he sees more stimulus ahead.
Read MoreFed: June rate hike unlikely