"Bill Ackman Warns of Hard Landing Without Fed Rate Cut"

Billionaire investor Bill Ackman believes there is a "real risk" of a hard landing for the economy if the Federal Reserve does not cut interest rates soon. Ackman predicts that the rate cut could happen as early as the first quarter, contrary to market expectations of a cut in June. He argues that the real rate of interest, which impacts the economy, continues to increase as inflation declines, resulting in a high real rate of interest. Ackman's firm, Pershing Square, manages about $17 billion of assets and has made macro bets in the past. He warns of a potential hard landing if the Fed does not act promptly.