The Federal Reserve should raise interest rates when it meets this week -- rather than cut them -- to keep the economy from overheating, according to Scott Minerd, chief investment officer of Guggenheim Partners.

“By almost every measure policy makers should be considering another rate hike in anticipation of potential economic overheating from looming limitations on output,” Minerd, whose firm oversaw more than $270 billion as of June 30, wrote in a commentary posted Monday. “Instead, debate has been focused on the need to take preemptive action to avoid a potential slowdown.”

Fed funds futures show that traders see a quarter-point cut as a certainty for this Wednesday’s Federal Open Market Committee decision, and the market is currently pricing in around 68 basis points of easing by the end of this year. A reduction this week would be the first cut in the main benchmark range since it embarked on a series of quarter-point increases to lift its target range from a record low.

This article was provided by Bloomberg News.