CNBC: The Fed is Going to Cause 'Unbelievable Calamities' if They Keep Hiking, According to Barry Sternlicht

Article by Carmen Reinicke in CNBC financial website

The Federal Reserve’s aggressive rate hike path – an attempt to calm the highest inflation in decades – is set to cause damage to the global economy if the central bank keeps going, according to billionaire Barry Sternlicht.

“They are going to cause unbelievable calamities if they keep up their action, and not just here, all over the globe,” said the chairman and CEO of Starwood Capital Group.

The Federal Reserve has so far this year delivered three 0.75 percentage point interest rate hikes to quell high inflation. In addition, at its latest meeting it signaled that at least one more 0.75 percentage point rate hike is in the cards this year.

He noted that the Fed’s actions .......

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