Billionaire Sternlicht to Fed: Rate Hikes Not Enough, Tell Congress to Curb Spending to Fix Inflation

Federal Reserve chairman Jerome Powell has struggled to tame high inflation, now Barry Sternlicht offers a solution Tell Congress to stop reckless spending.

Sternlicht argues the Fed's interest rate hikes alone can't fix inflation when Congress keeps dramatically increasing spending.

The billionaire has long criticized the Fed's methods as ineffective and damaging, but now says rates haven't slowed the economy enough.

He argues interest rates don't impact major job creators like healthcare and education that keep adding roles.

Sternlicht says real estate is facing a once-in-a-lifetime crisis from rate hikes, calling the industry "collateral damage."