The Federal Reserve is doing long-term harm to the economy by not hiking interest rates, David Kelly, chief global strategist at JPMorgan Funds, said Wednesday.
The central bank opted to leave rates unchanged at its September meeting but set up the likelihood of an increase before the end of the year.
"The economy has hit every target they have set. And we've got an inappropriate level of interest rates which is distorting asset markets, blowing bubbles and will eventually end up in inflation. They're imposing long-term harm for no short-term good here," Kelly said in an interview with CNBC's "Power Lunch."