Equity Group Investments founder and chairman Sam Zell expressed his disapproval of the Fed's inflation strategy Thursday, telling Cavuto: Coast to Coast that Jerome Powell missed the boat on inflation, allowing super-low interest rates to exist for too long.
SAM ZELL: What we are dealing with here is a situation where the Fed missed the boat and allowed super-low interest rates to exist too long. The Fed woke up and started taking liquidity out of the system and raising interest rates. Is it necessary to go too high to get the results we want? We re looking for a reduction in inflation pressures, which we have seen a bit, but I don't say it's too early to declare victory.
I think the odds of us going into a recession are very high, and I think it is very hard for me to believe that we are not moving into an area with a lot of people sitting on the sidelines and not making commitments.