Barry Sternlicht warns the economy is facing a sharp slump as the Fed uses 'a steamroller to get the price of milk down 2 cents'

• Barry Sternlicht warned Thursday that a sharp economic downturn is coming in the US.
• The billionaire investor also slammed the Federal Reserve's heavy-handed approach to interest-rate hikes.
• Jerome Powell "is using a steamroller to get the price of milk down two cents, to kill a small fly," Sternlicht said.

The Federal Reserve's interest-rate hiking campaign is going to trigger a sharp economic downturn in the US, according to billionaire investor Barry Sternlicht.