In an interview with CNBC, renowned Wharton finance professor Jeremy Siegel maintains that the Fed has been terribly wrong about inflation, making a series of mistakes that have pushed it to record highs, and must push forward immediately on rate hikes, as reported in Business Insider.

Fed chairman Jerome Powell indicated that the first rate hike will happen this month and likely be 25 basis points, but Siegel insists that the central bank is already behind. “They’re going to have to do much more than that,” he told the financial news outlet, and advised a more aggressive, half-point hike in March.

Agreeing with Siegel is well-known investor and Pimco co-founder Bill Gross, whom the article quotes as saying that the Fed is “stuck in a low interest rate world,” and believes that the Fed won’t be able to prevent a slight recession that could be on the horizon.

In addition, the Fed shouldn’t let the war in the Ukraine affect their policy plans. Slowing down rate hikes because of geopolitical tensions would only set them further behind on inflation, Siegel intimated, with inflation being a crucial issue that needs immediate action. “[T]he Fed has been very wrong…and they’re going to have to…bite the bullet,” Siegel told CNBC. “We have to defend the dollar.”