The Fed's recent series of aggressive rate hikes has the economy "braking hard," making a recession imminent by the end of the year, the chairman and CEO of Starwood Capital Group told CNBC this week.
"They're attacking the economy with a sledgehammer and they don't need to," Barry Sternlicht told CNBC's Squawk Box.
An additional rate hike of 75 basis points is expected next week as the Fed adheres to hawkish policies it believes will curb inflation. But "the economy if you look anywhere is already slowing," Sternlicht said. "Consumer confidence is terrible — and where will that show up? It'll show up at Christmas…half of people will spend less this year on goods than they did last yer. Twenty percent will spend 50% less than they did last year. And they're doing that against piling-up inventories."
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