The stock market is booming this summer. June was one of the strongest months on record. And July is bringing more good cheer: The S&P 500 just topped 3,000 for the first time this week. Meanwhile, President Trump celebrated the Dow Jones index crossing 27,000 today:

But one stock market strategist isn’t buying into the hype. Byron Wien of Blackstone’s Private Wealth division thinks the proposed rate cuts wouldn’t accomplish anything. On CNBC, Wien said:

“The economy doesn’t need a cut in rates. And with rates already so low, I don’t know how much good a cut would do anyway.”

Wien says that the economy is already growing as quickly as possible and that the job market remains robust. As a result, Wien says that the Fed cuts would do little to stimulate the economy. Instead, it would weaken the U.S. dollar while helping emerging economies.

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