The CEO of Wells Fargo warned Tuesday that there is “no question” that the U.S. economy is going to get worse before it gets better.
“It’s going to be hard to avoid some kind of recession,” CEO Charles Scharf said during a Wall Street Journal event.
The Federal Reserve has already raised interest rates twice so far in 2022 in a bid to cool the economy to deal with rampant inflation. Federal data shows that inflation rose 8.3 percent from April 2021 to April 2022, reaching 40-year highs.
With the spike in interest rates and inflation, some analysts and economists have questioned whether the United States is careening toward a recession….