While Federal Reserve Chair Janet Yellen has said the central bank is trying "to help Main Street not Wall Street," that isn't how it's working out, says Ruchir Sharma, head of emerging markets and global macro at Morgan Stanley Investment Management.

The Fed's massive easing program is "boosting the wealth of the wealthy but doing nothing to reduce inequality," he writes in The Wall Street Journal.

"This perverse outcome is not the Fed's intent. It has kept interest rates near zero in an effort to combat the great recession of 2008-09 and nurse the weak economy back to health."

Editor’s Note: New Warning - Stocks on Verge of Major Collapse

But the economy has managed only its smallest recovery since World War II, with annualized GDP growth registering about 2 percent over the past five years, Sharma notes.

Meanwhile, stocks are on fire, with the S&P 500 jumping 196 percent from its 2009 low.

Ironically enough, it's the left that supports the central bank, he says. "Unwittingly, it seems, liberals who support the Fed are defending policies that boost the wealth of the wealthy but do nothing to reduce inequality."

Plenty of Wall Street professionals object to the Fed's policy. In a recent CNBC survey of 36 top economists, analysts and fund managers, 49 percent said Fed policy is too loose, while 43 percent think it's just right.

A total of 34 percent expect that the Fed's policy "will end badly." That equals the amount who think the Fed will "navigate a smooth transition to more normal policy."

Editor’s Note: New Warning - Stocks on Verge of Major Collapse

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