Goldman Sachs senior chair Lloyd Blankfein urged companies and consumers to gird for a US recession, saying it’s a “very, very high risk”. Face the NationA recession is “not baked in the cake” and there is a “narrow path” to avoid it, he said. The Federal Reserve has “very powerful tools” to tamp down inflation and has been “responding well”, the former Goldman CEO said.
Blankfein’s comments were broadcast the same day as the firm’s economists cut their US growth forecasts for this year and next to reflect the recent shake-out in financial markets. The report called this a “necessary growth slowdown” to help temper wage growth and reduce inflation back down towards the Fed’s 2% target. While the slowdown will push up unemployment, Goldman is optimistic a sharp rise in joblessness can be avoided.
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