Barry Sternlicht: “The economy is braking hard” 9/15/22

Squawk Pod

CNBC

Business News, News, Investing, Business

4.2 • 543 Ratings

🗓️ 15 September 2022

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

In an extended interview, Starwood Capital Chairman and CEO Barry Sternlicht warns that the economy is slowing, and considers what August’s hot inflation data could mean for the Federal Reserve’s next rate hike decision. The real estate mogul and investor discusses the current labor market, including wage pressures on the economy and the corporate push to return to in-person offices. Plus, in an eleventh hour deal, the Biden administration negotiated a stop to the planned railroad strike. In this episode: Becky Quick @BeckyQuick Joe Kernen, @JoeSquawk Andrew Ross Sorkin, @andrewrsorkin Katie Kramer: @Kramer_Katie

Transcript

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0:00.0	Bring in show music please.
0:03.0	Hi, I'm the NBC producer Katie Kramer today on Squack Pod.
0:08.0	When we get in the weeds with the Federal Reserve sometimes people's eyes can glaze over.
0:14.0	Inflation's the rock, the market's the hard place, and the Fed is stuck in the middle.
0:18.3	Real estate mogul Barry Sternlich weighs in.
0:20.8	I don't need zero interest rates, and the economy function just fine with 2%
0:24.4	interest rates and it's not really the rate the actual rates the pace of the increase
0:28.3	and the dislocations the Fed is going to cause in the capital markets. And he offers the CEO's case for ending remote work.
0:36.4	It's not changed forever.
0:37.6	We're going to go back to the office.
0:39.4	Barry Stern liked on wages, labor,
0:41.4	and even Ween works Adam Newman.
0:44.0	Tom Brady is the greatest football player of all time.
0:45.9	Adam is the greatest salesman of all time.
0:47.5	So he's extraordinary talent.
0:49.2	You know what my favorite thing about you is, Barry?
0:51.2	You always think about taking the fifth and then you don't and an 11th hour
0:55.3	deal the labor secretary strikes a bargain with railroad unions to avoid a
0:59.6	massive strike but it's not all clear yet've got to see how enthusiastic the union membership is about this.
1:06.0	It is Thursday, September 15, 2022.
1:09.0	Squack-Pod begins right now.
1:11.0	Stand back you by, and three, two, one, fuel break.
	...

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