Citigroup's CEO says it is not easy for the U.S. to avoid a recession. However, a recession is more likely in Europe. inflation ratehikes
Citigroup CEO Jane Fraser warns that a recession is more likely in Europe than in the U.S. Nonetheless, she stressed that it is not easy for the U.S. to avoid a recession.Citigroup CEO Jane Fraser warned about the health of the global economy Friday, Reuters reported. Citi is the third-largest and most globally-focused U.S. bank.
Fraser explained that Europe’s energy problems are “really having an impact on a number of companies in certain industries that are not even competitive right now.” She added that “some of them are shutting down operations … because of the cost of electricity and the cost of energy.” The Citi executive opined:Major central banks are already planning interest rate hikes to fight against inflation, preparing for the first round of global quantitative tightening.
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