The Federal Reserve just keeps on hiking, and it could be setting the U.S. economy up for its next recession, says Peter Boockvar, chief investment officer at Bleakley Advisory Group.
This week, the Fed raised its benchmark interest rate a quarter point, and upgraded its expectations for economic growth for this year and next. However, rising borrowing costs have been faulted by a few observers, including President Donald Trump, who just days ago said he was "not happy" about the central bank's move.
One of those who echoed the president's concerns was Boockvar, who told CNBC's "Futures Now" on Thursday, that 10 of the last 13 rate hike cycles ended in recession.
"We're now getting deeper into the rate hike cycle, and while we all focus on where the fed funds rate is going to be, behind the scenes the Fed continues to shrink their balance sheet," the veteran investor said.
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