Billionaire Barry Sternlicht, the chief executive officer and chairman of Starwood Capital Group, has jumped aboard the bandwagon of people calling on the...
Billionaire Barry Sternlicht, the chief executive officer and chairman of property investor Starwood Capital Group, has jumped aboard the bandwagon of people calling on the Federal Reserve to ease off its aggressive interest-rate hikes before something, somewhere, breaks.
Speaking Tuesday during an interview with CNBC’s “Squawk Box,” Sternlicht said the Fed should pause to assess how its interest-rate hikes are impacting the economy, and that Federal Reserve Chairman Jerome Powell has already done “enough” to curb inflation. “Now that we’re building momentum and people are getting employed and wages are rising, they want to stomp on the whole thing and end the party,” he said.
Sternlicht is hardly the first CNBC guest to complain about the aggressive tightening of monetary policy seen this year. The Fed has already delivered three 75 basis-point interest rate hikes this year, and Fed funds futures markets are pricing in a more than 60% chance of a fourth after the central bank’s November meeting.
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