The central bank will have a tough time avoiding a recession while raising rates, Jason Trennert told CNBC. The Strategas CEO added that inflation is too high for a soft landing to be realistic, unlike in 1994 when inflation was much lower. Speaking with CNBC on Monday, he said inflation is too high for a soft landing to be realistic. "There's been very few instances in which inflation got to something like 8 or 9% where the Fed was able to bring it down without causing a recession," Trennert said. "It seems to me the operating assumption should be that you're likely to get a recession in 2023," Trennert said.

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