Urgent Economic Warning
Big banks are sounding off.
Wells Fargo CEO Charlie Scharf has sounded the alarm and is now warning that the United States is now heading into a downturn.
According to Fox, the federal reserve is currently racing to tame red hot inflation by raising the benchmark federal funds rate and Scharf strongly believes that this will result in a somewhat ugly economic fallout.
During a live event, Scharf openly admitted, “It’s going to be hard to avoid some kind of recession.”
Thankfully however, the future is completely bleak. Currently consumers and still actively spending and businesses are financially strong.
Scharf added, “The fact that everyone is so strong going into this should hopefully provide a cushion such that whatever recession there is, if there is one, is short and not all that deep.”
