The CEO of Wells Fargo, Charlie Scharf said on May 17 that there was “no question” that the United States is heading for an economic downturn, in an interview at The Wall Street Journal’s Future of Everything Festival.
“It’s going to be hard to avoid some kind of recession,” said Scharf, who happened to be in attendance when Fed Chairman Jerome Powell was present. “We live in this strange world where there’s still this extraordinarily underlying strength in terms of what we see, but you know that it’s going to deteriorate,” said Scharf. The U.S. economy shrank by 1.4 percent in the first quarter, the worst data since the pandemic hit in spring 2020…