Correction: The Fed is going to cause 'unbelievable calamities' if they keep hiking, according to Barry Sternlicht
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 also sees the Fed as misunderstanding the cause of high inflation, which is from massive financial stimulus packages that went out as economies were reopening from coronavirus pandemic lockdowns. If the Fed continues to tighten, businesses will put off hiring and investment decisions, capital spending will slow and tech stocks – which have already been hit by higher interest rates – will continue to struggle, he said.
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