Starwood Capital CEO Barry Sternlicht on the Fed’s Inflation Fight 6/22/23

Squawk Pod

CNBC

Business News, Investing, Business, News

4 • 494 Ratings

🗓️ 22 June 2023

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Federal Reserve Chair Jerome Powell cautioned on Wednesday that he and all other members of the rate-setting Federal Open Market Committee expect to raise interest rates further to bring down inflation. Barry Sternlicht, Starwood Capital chairman and CEO and chairman of Starwood Property Trust, discusses the Fed’s inflation fight, commercial real estate, market outlook, and more. The FTC on Wednesday sued Amazon, alleging it tricked customers into signing up for its Prime subscription program and intentionally complicated the cancellation process. Plus, Twitter owner Elon Musk tweeted that he is up for a fight in a “cage match” with Facebook CEO Mark Zuckerberg. Meta is reportedly working on a stand-alone, text-based social network app that could compete with Twitter. In this episode: Andrew Ross Sorkin, @andrewrsorkin Joe Kernen, @JoeSquawk Becky Quick, @BeckyQuick Klaire Odumody, @klairemarie

Transcript

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0:00.0	Bring in show music please.
0:03.0	This is Squagpot.
0:06.0	I'm C. NBC producer Claire Odomodi.
0:08.0	Today on our podcast.
0:10.0	Investors in limbo after the feds Jay Powell affirmed that more rate hikes are ahead.
0:16.0	We'll hear from Fed Critic and Starwood Capital CEO Barry Sternlit.
0:20.0	It's not productive capital. We're hiding. We're waiting for the fallout.
0:23.2	This doesn't feel real. This feels like 07, the rally into 07, 08.
0:26.8	On the Fed's inflation fight, commercial real estate, market outlook, and much more.
0:31.6	Things are not fine in the regional banks.
0:33.4	He can say it all he wants, but the government is basically giving you an implied guarantee
0:37.8	on deposits, so there's no run on the rest of the banks.
0:41.1	The banks are not in good shape.
0:43.0	Plus, Bitcoin on a tear.
0:45.0	It just kept going and going and going and going and going.
0:48.0	The FTC charging Amazon with making Prime a subscription you can't get out of.
0:53.6	They describe it as the Iliad,
0:55.0	like this Odyssey that takes forever.
0:57.0	And all the rest of today's stories that got us squawking.
1:00.7	It's Thursday, June 22nd, 2023.
1:04.2	Squawk Pod begins right now.
1:06.6	Stand Becky by in three, two, one, Q, please.
	...

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