Investor Peter Schiff said he does not believe the Federal Reserve will raise interest rates next week, arguing that a 25-basis-point increase, equal to one-quarter of a percentage point, would do little to contain inflation while commodity prices surge. He said the Fed should raise rates by substantially more if it acts, warning that a small increase could prompt markets to price another hike and worsen pressure on stocks, real estate and federal debt. Treasury interest payments reached a record $1.2 trillion over the past 12 months as the national debt exceeded $40 trillion for the first time last month, according to Bank of America’s Global Research team. Schiff said payments could approach $2 trillion by the end of President Donald Trump’s term. The CME FedWatch tool put the odds of a hike at 60.5% and a hold at 39.5% after recent increases in crude oil and copper prices. James Thorne, Chief Market Strategist at Wellington Altus, said the Fed risked repeating a 2008-era mistake by raising rates during an energy-driven price shock. The Fed is scheduled to announce its decision on Sept. 16.