You can add hedge fund heavyweight David Gerstenhaber, president of Argonaut Capital Management, to the list of those who think the Federal Reserve is withdrawing its stimulus too slowly.

Many economists don't believe the Fed will raise interest rates before the middle of next year, and he thinks that's a mistake. "I think they are behind the curve," Gerstenhaber tells CNBC.

There could be consequences for the stock market, he says. "If the Fed loses credibility, you'd be in for a good correction on the stock market — 10 percent easily, I think."

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

The Fed has kept its federal funds rate target at a record low of zero to 0.25 percent since December 2008.

"The real question is whether the Fed changes its tune in [its] September [meeting]," Gerstenhaber said. "If we see the economy continuing to move ahead at a reasonable clip, the monetary policies settings on a forward basis are inappropriate."

Many analysts expect the economy to grow at a rate of more than 3 percent for the rest of the year.

To be sure, in the wake of last week's strong jobs data, some analysts, including those at Goldman Sachs, have advanced their call for when the Fed will begin raising rates. Goldman pushed up its prediction to the third quarter of 2015 from the first quarter of 2016.

The adjustment resulted from "the cumulative changes in the job market, inflation, and financial conditions over the past few months," Jan Hatzius, the firm's chief economist, writes in a commentary obtained by MarketWatch.

Editor’s Note: 5 Shocking Reasons the Dow Will Hit 60,000

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