Thomas Peterffy, Chairman of Interactive Brokers said Wednesday that the stock market is at risk as the Federal Reserve struggles with inflation through rate increases. Peterffy spoke out to Bob Pisani, CNBC’s reporter. He stated that he is negative about the stock market due to the current geopolitical environment and that he doesn’t think the Fed can raise interest rates enough to quell inflation. “I believe that the Fed will maintain a maximum of 4% with no inflation below 5%. The market veteran said the S & P 500 will fall another 15% from here as surging inflation puts a damper on corporate profit outlooks. Peterffy stated that he believes earnings will decline and the P/E will fall. He expects the market to drop 15% to 3500-3600 range from its current position. Earnings estimates are often not taken down by analysts. The S & P 500 has fallen more than 13% this year, as the Fed’s aggressive tightening action stoked recession fears. Last month, the benchmark briefly fell to bear market territory on an intraday-by-day basis. To tamp down inflation at a 40-year-high, the Fed has enacted two rate increases totaling 75 basis points, including a 50 basis point increase in May . Fed officials are open to the suggestion of adding two 50-basis-point rate increases in summer, then moving back in September.