Leading economists and bank CEOs are urging Americans to prepare for a sharp downturn and possible recession next year.
Reduced consumer spending is one factor Citigroup’s CEO Jane Fraser noted as indicating a looming recession in front of the Senate Banking Committee. She also included the two wars overseas, persistent inflation, and rising debt.
JPMorgan Chase’s CEO Jamie Dimon made a similar case at a summit in New York, saying interest rates may go up and that might lead to a recession.