Fedex warns, GE warns, Sternlich warns:
Barry Sternlicht, a billionaire investor and the CEO of Starwood Capital Group, told CNBC on Thursday that the Fed is “attacking the economy with a sledgehammer, and they don’t need to.”
Sternlicht made the case that the Fed’s aggressive interest rate hikes, along with healing supply chains and cooling commodity prices, have already done most of the work to control inflation—as evidenced by the $7 trillion of wealth that has been lost in the stock market so far this year.
In his view, this means the central bank doesn’t need to continue its aggressive inflation-fighting policies.
The problem, he said, is the data central bank officials are using to back up their aggressive stance is just too old—and it’s distorting their understanding of economic reality.
https://fortune.com/2022/09/15/will-...ry-sternlicht/