Bill Ackman of Pershing Square took to Twitter to proclaim that the only ways to stop inflation was for either the Fed to take more aggressive action or for the market sell-off to continue until it collapses completely, reports an article in CNBC. Ackman blames this year’s market correction on the lack of confidence investors have in the Fed to end the record-high inflation and wrote that the central bank needs to put “a line in the sand” on skyrocketing prices in order to end the volatility.

“If the Fed doesn’t do its job, the market will do the Fed’s job, and that is what is happening now,” Ackman said in a series of tweets. In its most aggressive action against inflation, the central bank raised interest rates by half a percentage point earlier in May. But in reaction to the Fed’s hawkish pivot, the market has been in a rout as concerns over a possible recession deepen. The S&P 500 has fallen about 18% so far this year, even slipping briefly into bear market territory this month.

However, Ackman thinks that investors will react positively to the rise in interest rates, in hopes that it will temper raging inflation. The Fed should show it really means business by bringing rates up to neutral immediately, the billionaire hedge fund manager said, and should continue to raise borrowing costs until inflation has deflated back to normal rates.

It’s expected that the central bank will continue to raise rates over its next few meetings, with 50 basis point increases likely. The current rate is targeted at 0.75%-1%, the article details, and the next rate-setting meeting for the Federal Open Market Committee will be June 14-15.

At the onset of the pandemic in March 2020, Ackman went on CNBC to warn about the impact the health crisis would have on the market. Heeding his own words, he bet against the market, raking in $2 billion.