Billionaire investor Barry Sternlicht used to think Jerome Powell’s Fed would threaten capitalism—now he calls its rate hikes ‘suicide’

Photo of Barry Sternlicht. (Credit: Lauren Justice/Bloomberg—Getty Images)

Billionaire investor Barry Sternlicht is doubling down on his criticism of the Federal Reserve’s interest rate hikes that are aimed at lowering inflation. 

“This is self-inflicted suicide,” Sternlicht told CNBC on Thursday. “This is a terrible idea, and it's not necessary. The economy is slowing on its own.”