As stock market plunges, a star money manager says the Fed is making a mistake by focusing on rates. Here’s what Scott Minerd says it should do instead.

The Federal Reserve is under the gun as the market plunges ahead of its first rate-setting meeting of 2022, and at least one star money manager says that the central bank could be making a policy error by focusing on raising rates.

Scott Minerd, chief investment officer of Guggenheim Investments, said that the Federal Open Market Committee, which kicks off its two-day policy meeting on Tuesday, needs to focus on shrinking its roughly $9 trillion balance sheet, which he…

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