Wells Fargo CEO Charles Scharf said at the Aspen Ideas Festival on Wednesday that he expects to see the Federal Reserve continue with more significant rate hikes.
Scharf credited the Fed for being"very clear about how they're going to think about what the right movements are going to be," but the bank CEO still thinks the economy will be surprised by the repercussions.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 theon 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.
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