Investors shouldn’t tie their investment decisions to the Federal Reserve’s interest rate hikes, according to Stephen Isaacs, chairman of the investment committee at Alvine Capital.

“The question we’ve got to ask ourselves is ‘should we fight the Fed?’ And I’m saying actually we should consider that, because the Fed are fallible. The Fed basically got it wrong for two years,” Stephens told CNBC’s “Squawk Box Europe” on Thursday. 

His comments come as the U.S. experiences soaring inflation and a surging dollar, and economists speculate about what the Fed will do next.

Investors around the world are anticipating September’s jobs report, due later Friday, for further clues as to the Fed’s next moves.

Stephens said that the Fed only started dealing with the U.S.′ economic situation in the summer, after “stoking inflationary fires” toward the end of the Covid-19 pandemic.

The Fed’s benchmark rate was near-zero in March, but it has since started on its most aggressive series of rate hikes since the 1980s, raising the rate to a target of at least 3%. 

Now, Stephens said it may be worth banking a U-turn from the Fed.

“If the data really changes, if the economic and credit situation crucially in the economy starts to really unravel then the Fed … will aggressively pivot. And bearing in mind the market is so far ahead in the assumptions of much high interest rates, that could have a very dramatic effect on asset prices,” Stephens said.

“I believe there could be a credit event [in that time]. There could be something that blows up … So that’s the kind of thing I’m really looking for, I’m looking for a trigger point, and I think investors should be looking in that period to accumulate assets,” Stephens concluded.