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."

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