Billionaire businessman John Catsimatidis argued Friday the key to reducing inflation is stabilizing food prices and bringing down oil, while warning the Federal Reserve could destroy the healthy part of the economy if they continue to hike interest rates on "Cavuto: Coast to Coast."
JOHN CATSIMATIDIS: Recession doesn’t have to happen. Unless there’s another war or another incident, oil prices will start to tweak down a little bit. The fact is that inflation will start tweaking down the other way. Because with oil prices going down, food prices will continue to go up for the next 30, 60, 90 days because they always have a 30, 60, 90 day layover period in between. But if oil prices go down and food prices stabilize, inflation goes away.
What I said to Jay Powell in my last Fox interview, I said don’t raise interest rates to the degree which it will destroy the rest of the country. I said, Jay Powell, be careful. We’ll destroy the real estate industry. It’s easy to say raise rates and solve problems. Well, the way you solve the problem is reduce the oil prices, and if North America has 100 years' worth of oil, if we reduce the oil prices and the oil prices come down, the food prices come down, inflation goes away. If we just raise interest rates, guess what? We’ll destroy the rest of the economy that’s still healthy. America does not want to go into recession, but Washington could force it into recession if they do the wrong things.
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