Wells Fargo CEO: ‘Rates Are Going Up, It Couldn’t Be Clearer’

Wells Fargo CEO: ‘Rates Are Going Up, It Couldn’t Be Clearer’
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
Jack Phillips
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Wells Fargo CEO Charles Scharf revealed that Americans and the U.S. economy aren’t ready for Federal Reserve interest rate hikes after the central bank raised rates earlier this month.

“We know rates are going up, it couldn’t be clearer,” Scharf told CNBC on Wednesday. “We know that consumers and businesses, while strong today, are going to see deterioration, and we’re going to act surprised when it happens.”

Jack Phillips
Jack Phillips
Breaking News Reporter
Jack Phillips is a breaking news reporter who covers a range of topics, including politics, U.S., and health news. A father of two, Jack grew up in California's Central Valley. Follow him on X: https://twitter.com/jackphillips5
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