Expert warns of dire consequences if Fed continues rate hikes amidst banking strains and market volatility.

Michael Lee Strategy founder Mike Lee has warned that the Federal Reserve's decision to hike interest rates could put the US economy in a "very dire situation" if it cannot keep raising rates to combat inflation. Lee believes that the Fed will raise rates by 25 basis points, but the market's reaction will depend on what Powell says and how the market absorbs it. The Fed is also navigating bank-run contagion fears this week, after the recent insolvencies of Silicon Valley Bank and Signature Bank, and potentially First Republic Bank.