founder of amazon Jeff Bezos has become the latest corporate leader to warn about the state of the economy, warning that tougher times are likely to come.
In a tweet posted Tuesday night, the former president and CEO of the online retail giant echoed comments made by Goldman Sachs CEO David Solomon. It was made to CNBC earlier in the day.
“This economic potential shows us breaking through Hutch,” Bezos said in a comment accompanying Mr. Solomon’s clip.squawk box” interview.
Solomon, head of a major Wall Street financial institution, said it was time for both business leaders and investors to understand the heightened risks and prepare accordingly.
Solomon spoke after his company ended Quarterly financial results announced Exceeded Wall Street estimates. Still, he said a recession could be looming as the economy deals with persistently high inflation and the Federal Reserve seeks to bring down prices through a series of policies. Aggressive interest rate hike.
“I think we should expect more volatility,” Solomon said. “That doesn’t mean the economic scenario is really difficult. It’s in
Fed officials also hope to avoid a recession, but warn that a recession is possible as a result of monetary tightening. Policy makers in September said gross domestic product Only 0.2% growth in 2022 It will recover in 2023, but only 1.2%. GDP contracted in both the first and second quarters of this year, meeting the commonly held definition of a recession.
We are seeing mixed signals from corporate leaders these days.
JPMorgan Chase CEO Jamie Dimon has warned of problems ahead, and recently the situation “very, very serious” And the US could slip into recession in the next six months.
But Bank of America Chief Executive Brian Moynihan told CNBC on Monday that credit card data and related information show consumer spending is holding up.
“In the current environment, consumers are very good and strong,” he said.closing bell.”
Moynihan acknowledged that the Fed’s efforts could slow the economy, but said “consumers are hanging in there.”
https://www.cnbc.com/2022/10/19/amazon-founder-jeff-bezos-warns-its-time-to-batten-down-the-hatches.html Amazon founder Jeff Bezos warns it’s time to ‘break the hatch’