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

CNBC Finance LogoCNBC Finance1 mo ago

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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Author / Journalist: https://www.facebook.com/CNBC

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

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

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

News Timezone: GMT -5:00

News Source URL: cnbc.com

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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Official Website: cnbc.com

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Year Established: 2005

Headquarters: United States

News Last Updated: 10h ago

Coverage Areas: United States

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Publication Timezone: GMT -5:00

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