Ackman: Fed Rate Cuts Needed in 2023 to Avert Economic 'Hard Landing'
- Bill Ackman expects the Fed to cut rates as early as Q1 2023 to avoid economic downturn
- Says there's risk of "hard landing" if Fed doesn't cut rates soon
- Fed has raised rates 11 times since March 2022 to fight high inflation
- Inflation slowed to 3.2% increase in October, still above 2% target
- Higher rates dampen spending and business investment, slowing economy