Billionaire investor says the Fed ‘is doing all the right things now’, but that a recession is still likely

Billionaire investor Sam Zell says the Federal Reserve is finally on the right track. Zell mocked the concept of “transitory inflation,” a term used by some U.S. officials including Fed Chair Jerome Powell earlier this year. The billionaire investor said the economy was flooded by capital at a time with near-zero interest rates and low inflation, asking “how could you expect that not to create inflation?” Zell also warned of another potential crisis looming: “If you go back to the end of World War II to today, we’ve had a series of recessions.” The Fed raised rates six times in an effort to rein in inflation, raising the benchmark federal funds rate to a range of 3.75% . . .