Inflation and Rate Hikes Ahead: Bankers Cautious on the Economy

Inflation and Rate Hikes Ahead: Bankers Cautious on the Economy
Charles Scharf, CEO of Wells Fargo speaks at the 2021 Milken Institute Global Conference in Beverly Hills, Calif., on Oct. 18, 2021. David Swanson/Reuters
Reuters
Updated:

NEW YORK—Wall Street’s major banks and asset managers were cautious about the economy as they detailed how both consumers and institutional clients were struggling to deal with sky-high inflation and looming rate hikes.

The big banks are reporting results at a time of surging inflation, which is leading to predictions that the Federal Reserve will hike interest rates aggressively this year.