Student-loan payments and steeper interest rates will pave way for a severe consumer-led recession, top economist David Rosenberg says

• The resumption of student loan payments combined with interest-rate hikes will fuel a consumer-led recession, David Rosenberg warned. 
• The economist said it generally takes six months after rate hikes of 500 basis points for a downturn to hit the economy. 
• Rosenberg has been bearish on markets and the US economy for a while, and has faced backlash over it. 

The Federal Reserve's aggressive hikes to interest rates, coupled with student-loan payments resuming in October, will pave the way for a consumer-led recession, according to top economist David Rosenberg.