The US economy is headed for a hard landing this year, and deep rate cuts are the only solution, Citi chief economist says

• Citigroup's chief US economist told CNBC a deteriorating labor market was setting up a hard landing.
• Andrew Hollenhorst said a gradual softening in the job market is happening and "tends to snowball."
• He's calling for four interest-rate cuts this year; other forecasters are being more conservative.

A deteriorating labor market will be what causes the US economy to quickly turn sour, according to Andrew Hollenhorst, Citigroup's chief US economist. In fact, he sees an abrupt economic comeuppance later this year.

"Firms are hiring at a lower rate. Firms are having workers work less hours," he told CNBC on Tuesday. "So this gradual softening has already started. That tends to snowball and end up in something that looks more like a hard landing."