In September, Marcus & Millichap CEO Hessam Nadji hosted Larry Summers for an online chat in which the former US Treasury Secretary predicted that the Fed's campaign of rate increases—now 275 bps and counting—would produce a "recession of choice" in 2023.

More recently, Summers has suggested that the Fed may need to exceed its own target and set the federal funds rate ceiling as high as 7%, warning everyone to buckle up for a hard landing.

In his booth at ICSC 2022 in New York on Wednesday, Nadji flashed a caution sign and said "7% would be overdoing it in a big way."

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.