Billionaire investor Sam Zell said he’s concerned an interest-rate increase by the Federal Reserve may roil global currency markets.
“The bigger impact might be on the dollar,” he said in an interview with Maria Bartiromo on the Fox News show “Sunday Morning Futures” when asked whether a rate boost could hurt real estate prices. He’s “most concerned about” the impact on currencies.
The odds the Fed will lift borrowing costs in September improved Friday after the best jobs report in five months eased concern the U.S. economy is struggling to regain momentum following a contraction in the first quarter. The report pushed the dollar to a 13-year high against the yen.
Zell also said the commercial real estate market is doing well because of optimism rental rates will go up.