Billionaire Ken Griffin Doesn’t See Fed Achieving 2 Percent Inflation Without ‘Real Recession’

The Federal Reserve is likely to start cutting interest rates by the year’s end, but the central bank is unlikely to reach its 2 percent inflation target without a “real recession,” said Citadel CEO and founder Ken Griffin. While speaking at the 27th annual Milken Institute Global Conference on Monday in a wide-ranging interview, Mr. Griffin anticipates that the Fed’s cutting cycle will begin at the December policy meeting of the Federal Open Market Committee (FOMC). However, the Wall Street billionaire also noted it is unclear whether inflation will “actually decelerate enough by then,” pointing to the persistence of services inflation....