The Fed funds futures are now pricing in a nearly 70 percent chance of a December rate hike, but one market pundit insists it's not going to happen.

On CNBC's "Fast Money," longtime Fed critic Peter Schiff said Janet Yellen is doing nothing more than kicking the can down the road. He spoke after the release Wednesday of the minutes from the Fed's October meeting. The minutes signaled hawkish sentiment for a rate hike next month.

"According to the minutes, a rate hike has been a possibility all year long and it hasn't happened," Schiff said. The statement put a particular emphasis on economic data between now and the next meeting. "I don't see how that's any different than anything they've said all year round and how people could read those minutes and jump to the conclusion that a rate hike is a lock."

Instead, Schiff believes that the Fed is simply suggesting it will hike because Yellen does not want to admit that the "economy is decelerating." The contrarian pointed to weak earnings from major retailers as just one indication of an economic slowdown.

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"I think it's a dangerous game the Fed is playing," said Schiff, CEO of Euro Pacific Capital. "This is a bubble, not a recovery."

For Schiff, the only way a rate hike would be possible is if the market rallies back to all-time highs through the end of the year. In that case, he believes the notion of a 25 basis point raise in interest rates could be feasible. However it will be a one and done scenario. "It's possible, but I think they will regret it," he said.

Despite the possibility, he is convinced that Yellen will continue to imply a rate hike is just around the corner, while using data as an excuse not to actually do it.

The is currently around 2.5 percent from its May all-time high of 2,134.72.