![\"Billionaire](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2023\/03\/barry-sternlicht1-768x432.jpg\")
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Billionaire Barry Sternlicht, chairman and CEO of Starwood Capital Group, has warned that the U.S. economy is going to implode, emphasizing that interest rates have to fall. He further stressed that the economy \u201cwill have a hard landing.\u201d<\/strong><\/p>\n The chairman and CEO of Starwood Capital Group, billionaire Barry Sternlicht, discussed the state of the U.S. economy in an interview with CNBC on Thursday.<\/p>\n Following the Federal Reserve hiking interest rates by 25 basis points (bps) on Wednesday, Sternlicht reiterated that the Fed should have stopped raising interest rates, citing the banking crisis. Recently, several major banks failed, including Silicon Valley Bank<\/a> and Signature Bank<\/a>.<\/p>\n \u201cI think you have to lower rates. That\u2019s how you recapitalize the banks. I think they\u2019ve done enough,\u201d Sternlicht opined, adding:<\/p>\n The bond market is telling you what\u2019s going to happen. The bond market is right. Interest rates have to fall. The economy is going to implode.<\/p>\n<\/blockquote>\n Last week, billionaire Jeffrey Gundlach, aka the \u201cbond king,\u201d also explained how the bond market is signaling<\/a> that the Federal Reserve will be cutting interest rates substantially soon.<\/p>\n Asserting that Federal Reserve Chairman Jerome Powell \u201cis using a steamroller to get the price of milk down two cents, to kill a small fly,\u201d the Starwood Capital CEO stressed: \u201cYou do not have to see the car hit the wall to know it\u2019s going 8,000 miles an hour and it will hit the wall.\u201d He cautioned:<\/p>\n The economy will have a \u2018hard landing.\u2019<\/p>\n<\/blockquote>\n Some people believe that there will be a hard landing in the U.S. while some expect a soft landing or even no landing. Recently, economist David Rosenberg examined the Federal Reserve Bank of Philadelphia\u2019s manufacturing business outlook since 1968 and concluded that the U.S. seems to be headed towards a \u201ccrash landing<\/a>.\u201d<\/p>\n Many people believe that the Federal Reserve will cut interest rates very soon, including Gundlach<\/a>. However, Fed Chair Jerome Powell said that rate cuts are not in the Fed\u2019s base case<\/a>, emphasizing that inflation is still too high. Meanwhile, economist and gold bug Peter Schiff has warned that inflation is about to get a lot worse<\/a> and Americans\u2019 cost of living will go way up.<\/p>\nBarry Sternlicht on Hard Landing, Economic Implosion<\/h2>\n
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