Chief executives at some of the largest U.S. banks sound the alarm over sky-high inflation in testimony before Congress.
that the central bank must act "forthrightly, strongly" to dial back inflation.
So far, rate increases appear to have slowed key sectors of the economy, sending mortgage rates higher and slowing the construction of new homes, for instance. But the U.S could instead enter a mild or severe recession, and could even face a more severe downturn, Dimon said. Offsetting their sobering assessment, top banking officials said U.S. consumers have attained a relatively strong financial position that will help them weather potentially difficult times.
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