Ignore the Fed's inflation warning as it often gets things wrong, says top economist David Rosenberg

• Ignore the Fed's warning that interest rates may stay higher for longer, David Rosenberg said.
• The veteran economist noted the central bank has multiple incorrect calls over the past two decades.
• The Fed misjudged the dot-com and housing bubbles as well as the inflation spike last year, he said.

Federal Reserve Chair Jerome Powell signaled to Wall Street on Wednesday that interest rates could rise further and remain elevated for longer than many expected. However, investors should ignore his messaging given the central bank's long history of getting things wrong, David Rosenberg says.