Peter Schiff was on Tuesday’s edition of PreMarket Prep, where he reiterated his bearish thesis for the market in the wake of the Federal Reserve’s decision not to raise interest rates last week.

Schiff wasn’t convinced by the positive market talk coming out of the Fed.

“I knew that it was all talk, and when Janet Yellen actually spoke she validated what I said,” Schiff said. “She basically came out and said ‘We’re not raising rates and it’s not because we think the economy is weak, it’s because we decided that lower interest rates are appropriate.’ Which is all B.S, because it’s all about the economy. The economy is a disaster. I think Yellen probably realizes we’re in a recession.”

Austrian School for In... Rahim Taghizadegan, Ro... Best Price: $15.96 Buy New $34.03 (as of 08:20 UTC - Details) Not A Healthy Market

The market has rallied off the January lows and Schiff remains steadfast though he believes more quantitative easing will protect us from too far a fall.

“This is not a healthy market rally,” he continued. “I think it’s a bear market rally. And I think the market is heading lower unless the Fed comes out with a rate cut and more QE, which is something that I think is going to happen. But I think until that happens the market is going to be on the defensive. If the Fed believed the economy was growing, they would be raising interest rates. They wouldn’t be talking about raising interest rates in the future, they would be raising them right now.”

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