Interactive Brokers Chairman Thomas Peterffy said Wednesday he doesn't think the bottom of the market is near. The S & P 500 is already down more than 20% for the year, and Peterffy predicted it could decline another 19% from Tuesday's close to bottom at around 3,000. "The market spent relatively little time at the lows, but we certainly believe that it will do so again," the market veteran told CNBC's " Squawk Box ." Stocks have been turbulent all year. On Oct. 12 the S & P closed at 3,577.03, its lowest level since November 2020. On Thursday the market had a historic turnaround with the Dow Jones Industrial Average closing up over 800 points and the S & P climbing 2.60% to 3,669.91. Peterffy predicted that interest rates are likely to continue going higher and inflation won't come down as much as expected. Consumer prices increased 0.4% in September, and the Federal Reserve 's preferred inflation gauge, the personal consumption expenditures price index excluding food and energy, gained 0.6% in August. Fed officials have been surprised at the pace of inflation and expect to continue raising interest rates . The 10-year Treasury yield was last at around 4.09% on Wednesday. "Both interest rates and inflation rates will settle down between 4% and 5%, and we are going to go into a stagflation in the economy," Peterffy said. In this environment, a buy and hold investment strategy won't be rewarding, he said. "People better roll up their sleeves and begin to research and try to identify companies with great business prospects and good management," Peterffy said. "That is not going to be so simple." His 3,000 bottom also depends on what happens between now and then. "We want to leave the door open to change our views," he said.