Joseph Stiglitz says Fed decision isn't a close one

Nobel laureate and former chief economist of the World Bank Joseph Stiglitz argues against a Fed hike in The Guardian.

He says that the Fed is in danger of focusing excessively on inflation and Wall Street and that its policies could harm income inequality.

"I often feel a great deal of sympathy for Fed officials, because they must make close calls in an environment of considerable uncertainty. But the call right now is not a close one. On the contrary, it is as close to a no-brainer as such decisions can be: now is not the time to tighten credit and slow down the economy," he writes.