Bill Ackman warns the US economy is heading for a ‘train wreck’ as the Fed hikes interest rates again

• Bill Ackman highlighted risks to the economy and smaller banks as interest rates keep rising even with a banking crisis. 
• The billionaire investor warned the US economy is heading for a “train wreck” as the Fed raises rates again. 
• Ackman also slammed Treasury Secretary Janet Yellen for walking back on plans to support depositors. 

Billionaire investor Bill Ackman fears the US economy is heading for a “train wreck” as the Federal Reserve presses ahead with interest-rate hikes – and Treasury Secretary Janet Yellen throws cold water on plans to support depositors. 

“When combined with the higher cost of debt and deposits due to rising rates, consider what the impact will be on lending rates and our economy. The longer this banking crisis is allowed to continue, the greater the damage to smaller banks and their ability to access low-cost capital,” Ackman said in a tweet on Wednesday, following the Fed’s move Wednesday to raise rates by 25 basis points.