Stan Druckenmiller, the retired founder of hedge fund firm Duquesne Capital Management, says the Federal Reserve is putting the economy at risk by continuing its aggressive market intervention.
"I am fearful that today our obsession with what will happen to markets and the economy in the near term is causing us to misjudge the accumulation of much greater long term risks to our economy," Druckenmiller said Wednesday at the Delivering Alpha conference presented by CNBC and Institutional Investor.
"I hope we can all agree that once-in-a-century emergency measures are no longer necessary five years into an economic recovery," Druckenmiller said. "There is a heated debate as to what a 'neutral' funds rate would be. We should be debating why we haven't moved more meaningfully toward the neutral funds rate if for no other reason so the Fed will have additional weapons available if the outlook darkens again," Druckenmiller said.