Billionaire Leon Cooperman Predicts Inflation Spiral, Rate Hikes Will Trigger Recession
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Billionaire investor Leon Cooperman warned of persistent inflation, higher interest rates, and a looming recession.
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Cooperman blamed "senseless" fiscal and monetary policies for overheating the economy and causing prices to surge.
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The Fed's rapid shift from quantitative easing to tightening has laid the groundwork for an economic downturn, he said.
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Wage growth is unlikely to slow much given the tight labor market, Cooperman said, signalling sticky inflation.
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Cooperman called on Washington to rein in runaway spending and ballooning debt or risk "a crisis."