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Steve Cohen says the Fed may have a hard time getting inflation down to its goal [Video]

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Billionaire hedge fund manager Steve Cohen said Wednesday that it will be difficult for the Federal Reserve to get inflation back down to its 2% goal.

“The Fed thinks it’s eventually going to come down to a 2% inflation rate. … I think that’s going to be hard,” Cohen told CNBC’s Andrew Ross Sorkin on “Squawk Box.”

Inflation was falling in late 2023, but there were several upside surprises in that data during the first quarter of this year. That has led to concern among economists and traders that inflation may prove to be “sticky” above the Fed’s target level, complicating the path for rate cuts.

The Point72 CEO said Wednesday that there’s a lot of “underemployment” in the country, which could create upward pressure on inflation if economic growth remains strong.

“If growth is too fast, then you start getting constraints on labor and wages go up, and that may be a problem. … We’re in one …

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