The economy still isn't ready for the significant rate hikes ahead, Wells Fargo CEO says

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The economy still isn't ready for the significant rate hikes ahead, Wells Fargo CEO says

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Wells Fargo CEO Charles Scharf said he is betting on "more significant rate hikes" as the Federal Reserve looks to try to rein in high inflation.

Those comments follow several rate hikes from the Fed in recent months, including a 75 basis point hike in June that was its largest since 1994.

Recent CNBC survey data from Main Street and corporate America does show widespread expectations of a recession.

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Category: MarketsFinanceInvesting

Topics: Banks Articles Business News Leadership Federal Reserve System Business The Fed Small Business Cnbc Source:tagname:CNBC US Source Small Business Playbook Special Reports Finance Aspen Ideas Festival

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Published On: 2022-06-29, 22:15:15

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Language: English

Reading Time: 4 minutes read

Article Length: 674 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 21240

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