Real estate billionaire Barry Sternlicht says the storm heading for the sector is unavoidable - and recession is coming despite soft landing talk
, that's largely due to Biden's $1 trillion infrastructure bill, as well as the services side of the economy still running hot, Sternlicht said.
"It feels like the last gasp before we settle into what should be, what you'd expect to be – I hope it's a shallow – recession," he added. Other Wall Street commentators have been more upbeat recently. Markets are widely expecting Wednesday's rate hike to be the Fed's last of the year, boosting odds that tight financial conditions won't push the economy into recession. While labor markets are hot still, inflation is steadily cooling, leading to talk of a Goldilocks scenario in which the Fed can lower inflation without crushing demand or crimping growth.
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