Steve Forbes warns 'storm clouds' ahead for economy, rips Biden's EV push: 'Shows how crazy these people are'

Steve Forbes says two "storm clouds" are spelling trouble for the U.S. economy - the Federal Reserve's monetary policy and the Biden administration's green energy agenda.

"The way you fight inflation is stabilize the value of the dollar. The Fed did it in the 1990s, so this isn't something new. But they're deliberately depressing the economy. That means they're going to raise interest rates. And that means we have tough times ahead," Forbes said on "The Faulkner Focus" Wednesday. 

"I'm surprised the markets held up as well as it has given the storm clouds that are coming from a central bank that doesn't know what it's doing [and] a government that is putting on these crazy regulations."

Forbes argued the two storm clouds - the Federal Reserve and the Biden administration's regulations on different economic sectors - are paving the way for "tough times."