Starwood Capital’s Barry Sternlicht: Buybacks, Job Cuts, Rate Hikes, & ‘Rich-cession’ 01/26/23

Squawk Pod

CNBC

News, Business News, Business, Investing

4.2 • 543 Ratings

🗓️ 26 January 2023

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

In an extended interview, Starwood Capital Chairman and CEO Barry Sternlicht offers his outlook on a recession timeline, the Fed’s rate raising playbook, and the U.S. labor market. A real estate and investing mogul, Sternlicht explains what the housing market reveals about America’s economic health. Tesla reported record revenue for the fourth quarter; CNBC’s Phil Lebeau reports the results and shares the highlights from Elon Musk’s comments on the earnings call. Plus, IBM is making job cuts, Chevron is making a big stock buyback, and Donald Trump is back on social media. In this episode Phil Lebeau, @Lebeaucarnews 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 C. NBC producer Katie Kramer, today on Squawk Pot.
0:09.0	Soft landing or recession.
0:12.0	Where will rate hikes and a better than expected GDP number land us?
0:16.0	Real Estate Mogul Berry Sternlich, reading our economic fortunes.
0:19.0	You're going to have a recession third or fourth quarter. The consumer is sort of out a dough.
0:23.4	Where we're headed and how we got here. This is the fastest increase in
0:27.8	rates in history. M2, our money supply has never been negative in 70 years. I mean this is a tight, tight
0:34.5	financial market out there. That extended conversation today, plus Tesla's record
0:40.8	revenue. Donald Trump getting back on social media, Chevron's big buyback,
0:45.6	and IBM's the latest firm that cut its workforce, but it isn't all bad news, really.
0:51.2	They're not really seeing business slow down. They weren't one of the companies
0:53.4	that saw a huge extremes during COVID. It's Thursday January 26th. Squawk Pod begins right now.
1:01.6	Stand Becky by in three, two, one, queue please.
1:07.1	Good morning everybody.
1:08.2	Welcome to Squack Box here on CNBC.
1:10.3	We are live from the NazdDAQ market site in Times Square.
1:13.0	I'm Becky Quick along with Joe Kernan and Andrew Ross Sorkin and Andrew welcome back.
1:17.0	Thank you.
1:18.0	I've got interviews.
1:19.0	You've been tired of carrying your water.
1:22.0	You got to find me. Car my water without me.
	...

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