Fed policies may spark a bubble, all-star investor Rich Bernstein warns

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An Institutional Investor Hall of Famer sees more trouble lurking in the market.

Richard Bernstein warns unprecedented Federal Reserve policies may eventually cause serious harm.

He cites near record deficits and aggressive efforts to increase the money supply among the biggest problems.

“I’m surprised that people aren’t more concerned about what huge monetary growth means for the economy in the United States now,” the CEO and Chief Investment Officer of Richard Bernstein Advisors told CNBC’s “Trading Nation” on Wednesday.

Bernstein is particularly concerned about the vast bond purchases the Fed is making right now.

“They’ve effectively turned the bond market

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Stock futures open flat in overnight trading

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The New York Stock Exchange (NYSE) stands in lower Manhattan on May 18, 2020 in New York City. Markets surged today as promising details of a potential COVID-19 vaccine were released and more European countries gradually re-opened after months of lockdown.

Spencer Platt | Getty Images

Stock futures dipped in overnight trading on Wednesday as investors continued to monitor an uptick in new coronavirus cases amid the reopening economy.

Futures on the Dow Jones Industrial Average fell about 60 points. The S&P 500 futures and the Nasdaq 100 futures were fractionally lower. Trading volumes were thin early in the session.

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Nikola, Spotify, Hertz and more

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Passengers board an American Airlines flight to Charlotte, North Carolina at San Diego International Airport on May 20, 2020 in San Diego, California.

Sandy Huffaker | Getty Images

Check out the companies making headlines after the bell.

Hertz — Shares of the car rental company whipsawed and fell 4% in extended trading after the company announced Wednesday that it had suspended its plan to sell up to $500 million in stock amid its Chapter 11 bankruptcy proceedings. The SEC had expressed concern about the stock offering and initiated a review of the stock sale plan. Trading in Hertz shares halted

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Hertz halts plan to sell $500 million in shares after SEC review

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The desk of car rental company Hertz is seen at Nice International airport during the coronavirus disease (COVID-19) outbreak in Nice, France, May 27, 2020.

Eric Gaillard | Reuters

Hertz has suspended its plan to sell up to $500 million in shares pending review by the Securities and Exchange Commission.

Shares of the bankrupt car rental firm jumped more than 6% Wednesday afternoon to $2.08. Trading of Hertz stock was halted at 11:44 a.m. ET pending news around the bankrupt company’s controversial stock sale plan.

Hertz in a regulatory filing Wednesday said the sale was “promptly suspended pending further understanding

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