“The Fed is working extremely hard to make that happen. “We know that things are going to slow,” he said. The Fed is set to announce Wednesday whether it will raise rates again or pause after a string of bank failures. Scharf is banking that the Federal Reserve won’t relent in its fight against inflation, which has led to a dramatic hike in interest rates. He said it wasn’t a “meaningful cutback in credit availability.” Scharf described Wells Fargo’s moves as “marginally tightening up in places that you would expect” for certain consumers and businesses. That’s the big thing econ watchers are looking for as they try to game out how soon a potential recession might come and how bad it might be. Wells Fargo CEO Charlie Scharf told attendees Tuesday that the giant bank is starting to tighten lending a bit. “I’ve been to this conference several times, and this time there’s a sense of people really trying to figure out what’s going on,” Citigroup general counsel Brent McIntosh told me. They know turbulence is ahead but they’re not quite sure how bad it will get. Let’s get into the latest highlights.įor Milken attendees, this week has made clear that even the most seasoned financial executives and policymakers are struggling to figure out where the global economy is going next. Good morning from the Beverly Hilton, where the final day of this year’s Milken conference is just about to kick off.
Hi, I’m Zach Warmbrodt, POLITICO’s financial services editor, co-author of our Morning Money newsletter and your guide this week for coverage of the Milken Institute Global Conference. Follow Zach on Twitter | Send tips and insights to zwa
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