Charles Scharf Sara Eisen city Powell, county Jerome county Jerome city Fargo, county Wells county Wells UPS CEO Charles Scharf Sara Eisen city Powell, county Jerome county Jerome city Fargo, county Wells county Wells

The Fed has been clear, but the economy still isn't ready for the big rate hikes ahead, Wells Fargo CEO says

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cnbc.com

Wells Fargo CEO Charles Scharf said he is betting on «more significant rate hikes» as the Federal Reserve tries to rein in high inflation, and that the economy is not as prepared as it should be. «I wouldn't bet on a number, but I would bet on more significant rate hikes,» Scharf told CNBC's Sara Eisen at the Aspen Ideas Festival on Wednesday, adding that he considers 50 and 75 basis point hikes to be «significant themselves.» «Is it going to be more than that?

Maybe, but it would require some change in the data to see something like that,» he said. Fed Chair Jerome Powell said Wednesday at a European Central Bank forum that he would not allow inflation to take hold of the U.S.

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