Economist predicts 'deflation is coming,' which will cause the Fed to 'scramble'

Ahead of the December meeting, one economist argued the Federal Reserve's "dangerously high" interest rate hikes are transitory, and that the Fed will make cuts in the first quarter of next year.

On "Mornings with Maria," Monday, TrendMacro CIO Donald Luskin explained his frustration with the Fed's rate hike campaign and his economic outlook. 

"Please, please, please, can we all stop listening to Jay Powell? Please. Mr. Inflation is transitory. He is still so embarrassed about that one. He's now insisting that his dangerously high-interest rates are not transitory. Oh, they will be," Luskin said. "Inflation is collapsing and he knows it. It's turning into deflation like I warned last time we talked. There will be rate cuts in Q1."