The CEOs of Goldman Sachs, JPMorgan Chase and Bank of America warned of an ugly outlook for the economy in 2023, raising the specter of a recession next year.
Bank of America CEO Brian Moynihan discusses the pace of the economy as the Fed fights to get inflation under control on 'Cavuto: Coast to Coast.'grew louder this week, as executives ratcheted up their warnings of a possible recession in 2023.
Jamie Dimon, chief executive officer of JPMorgan Chase & Co., during a Bloomberg Television interview in London, on Wednesday, May 4, 2022. In a troubling development, however, the Fed's rate hikes have thus far failed to tame inflation: The government reported last month that the consumer price index soared 7.7% in October from the previous year, well above the Fed's 2% target. That indicates the Fed will have to continue charting its aggressive course, raising the odds that it will crush consumer demand and cause unemployment to rise.
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