The Fed is throwing 'kerosene on the fire' and needs to end rate hikes as inflation is probably already at 2%, billionaire real estate mogul Barry Sternlicht says

• The Fed's rate hikes are the equivalent of throwing "kerosene on the fire," Barry Sternlicht said.
• The real estate mogul has been a loud critic of the Fed policy. 
• High interest rates mean the US is bound to enter a slowdown, he warned in a recent interview.

The Federal Reserve botched its goal of lowering inflation without causing pain the the economy, and the central bank needs to stop interest rate hikes now as inflation is already most like below its target, according to billionaire real estate mogul Barry Sternlicht.