Watch CNBC's full interview with real estate billionaire Sam Zell on interest rates, inflation and more

Sam Zell, Equity Group Investments founder and chairman, joins CNBC's 'Squawk Box' to weigh in on the Federal Reserve's move to combat inflation and breaks down his investment strategies amid high inflation. Zell also breaks down his outlook for the U.S. economy and explains why he believes the U.S. will likely face a recession. "The concept of transitory inflation is pretty awful," Zell tells CNBC. "We over-flooded the society with capital."