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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."

Read MoreHere's how the Fed actually raises interest rates

Meanwhile, the outlook for American equities looks weak as well, according to Faber.

"I don't think U.S. stocks are attractive by any measurement. They are expensive and earnings are going down, and if anything, eventually interest rates will be higher," he said Tuesday on CNBC's "Trading Nation."

Of course, he has had a bearish outlook on American equities for many years while they have surged.

Meanwhile, when asked where he sees opportunity, Faber turned to Asia, mentioning Vietnam, Cambodia, India, Laos and Myanmar.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Brian Sullivan

Brian Sullivan is co-anchor of CNBC's "Power Lunch" (M-F,1PM-3PM ET), one of the network's longest running programs, as well as the host of the daily investing program "Trading Nation." He is also a frequent guest on MSNBC's "Morning Joe" and other NBC properties.

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