Starwood Capital CEO Barry Sternlicht said the U.S. is headed for a recession because the Federal Reserve has been hiking interest rates too aggressively.
Starwood Capital CEO Barry Sternlicht said the U.S. is headed into a recession because the Federal Reserve has been hiking interest rates too aggressively. "The economy will have a hard landing," Sternlicht said on CNBC's " Squawk Box " Thursday. "You moved rates so far so fast that you had collateral damage." The central bank on Wednesday took the benchmark rate a quarter percentage point higher to a range between 4.75%-5%.
Sternlicht said he and his colleagues looked at six regional banks over the weekend and studied their mark-to-market losses on assets. Starwood determined all of them are effectively insolvent. "By raising raising interest rates even yesterday, they're just increasing the losses in the regional banks, which means they'll have to go and borrow additional capital from the Fed," Sternlicht said.
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