Shark Tank star Kevin O’Leary has predicted ‘real chaos’ in the US economy within months.
He said rising interest rates and mortgage costs pose a major threat to households and small businesses. America is headed towards a ‘rebalance’ after huge investment in the country’s largest companies while small and mid-sized firms have been neglected, he said.
Inflation is currently 3.2 percent and Fed chair Jay Powell warned last week that the central bank has not ruled out further interest rate hikes to bring it down further. The rate is currently 5.5 percent.