US economy heading for “train wreck,” billionaire warns ...News

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US economy heading for “train wreck,” billionaire warns
Continued interest rate hikes by the Fed could worsen the banking turmoil, according to Bill Ackman The US economy is facing disaster following another interest rate increase by the Federal Reserve and the Treasury’s rejection of full deposit insurance, billionaire investor Bill Ackman has warned. “When combined with the higher cost of debt and deposits due to rising rates, consider what the impact will be on lending rates and our economy,” Ackman wrote on Twitter on Wednesday. “The longer this banking crisis is allowed to continue, the greater the damage to smaller banks and their ability to access low-cost capit

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