Wall Street is sounding the alarm about the U.S. economy, with a number of banking experts predicting the country is headed for recession.
The CEOs of big American banks including Jamie Dimon of JPMorgan, Brian Moynihan of Bank of America and Jane Fraser of Citigroup are today testifying before the U.S. Senate Banking Committee’s annual Wall Street oversight hearing.
Their testimony comes as the U.S. economy has been hit with soaring inflation over the last year. Inflation has declined from 9 percent in Jun 2022 to 3.2 percent in October 2023, but it is still above the Fed’s target of 2 percent.
Since March 2022, the Federal Reserve has responded by hiking interest rates 11 times to 5.5 percent. This has elevated borrowing costs for a range of goods including housing, car and business investments, sparking concerns about a potential recession, which is typically defined by analysts as…
