Goldman Sachs: US Should Be Prepared for Recession

Goldman Sachs Chairman Lloyd Blankfein warned consumers and companies about a recession.

Goldman Sachs: US Should Be Recession Ready. Lloyd Blankfein, Chairman of the Board of Directors of Goldman Sachs, one of the largest banks in the USA, evaluated the latest developments in the markets. Emphasizing that the US should be ready for a recession, Blankfein also stated that the Fed responded well to historical price increases. Blankfein, who participated in the "Face the Nation" program on CBS television on Sunday, drew attention to the very high risk of a recession in the USA and said, "If I were running a big company, I would be prepared for it." Emphasizing that the Fed has very powerful tools to bring down inflation, Blankfein stated that the Fed's moves were correct. Jerome Powell Also Makes Statement on Recession Fed Chairman Jerome Powell also made assessments on the recession risk. In an interview last week, Powell stated that inflation is very high and they have the tools to control it. Stating that not only the US, but also many countries' central bank officials are facing the same kind of problems, Powell said, "Global economies around the world have been affected by a series of inflationary shocks." Powell said that their goal is to bring inflation back to 2 percent without putting the economy in a recession and keeping the labor market strong. "I think the only thing we can't really do is fail to restore price stability."