Billionaire David Rubenstein says inflation won’t fall significantly until the unemployment rate is almost double what it is now

Photo of David Rubenstein. (Credit: Tom Williams/CQ-Roll Call, Inc—Getty Images)

The Federal Reserve raised interest rates seven times this year in its attempt to lower inflation that hit a four-decade high of 9.1% in June, before slowing to 7.1% in November.

Although the Fed’s rate hikes seem to be slowing the overheated economy, billionaire David Rubenstein said it will take something else to really reduce inflation.