[‘The economy is going to collapse,’ says Wall Street veteran Novogratz. ‘We are going to go into a really fast recession.’]( https://www.marketwatch.com/story/the-economy-is-going-to-collapse-says-wall-street-veteran-novogratz-we-are-going-to-go-into-a-really-fast-recession-11655328960)

> “The economy is going to collapse,” Novogratz told MarketWatch. “We are going to go into a really fast recession, and you can see that in lots of ways,” he said, in a Wednesday interview before the Federal Reserve decided to undertake its biggest interest-rate hike in nearly three decades.

> “Housing is starting to roll over,” he said. “Inventories have exploded.”

> “There are layoffs in multiple industries, and the Fed is stuck,” he said, with a position of having to “hike [interest rates] until inflation rolls over.”

> Central-bank policy makers agreed to deliver an unusual 0.75-percentage-point rate increase, concluding a closely watched two-day policy meeting with a move that would push the Fed’s benchmark federal-funds rate rising to a range between 1.5% and 1.75% as it steps up the effort to quell an inflation rate that is hovering around a 40-year high.

> It was the largest increase in the central bank’s policy rate since November 1994.

> Before the Fed announced its decision, Novogratz speculated — accurately, it turned out — that the central bank would lift interest rates by 75 basis points and that the market would rally on that news. He also predicted that stocks will sell off in the coming days.

> “They are hiking into the popping of a bubble,” Novogratz said, referencing the soaring price tags on luxury Swiss watches and other assets.

I’m reminded of this from a few weeks ago:

[What causes a recession? Maybe it’s you and how grumpy you are about the economy]( https://fortune.com/2022/06/04/what-causes-a-recession-consumer-confidence-sentiment-inflation/)

Clearly this Novogratz guy is trying to cause a recession with his negative attitude…..