U.S. consumers worried
Executives of major U.S. banks warned Wednesday, Sept. 21, that the financial health of their customers, still in good shape could worsen in the coming months at a congressional hearing on everything from the state of the economy to the diversity of their workforce.
“While the worst of COVID is behind us, the economic challenges we face are no less daunting,” Jane Fraser, head of Citigroup, warned before a House committee.
“The impact of rising interest rates, necessary to try to control inflation, is likely to moderate growth in America and the world,” she said while admitting that it was “still early” to know its real consequences.
JPMorgan Chase President Jamie Dimon said the consumer “is still in pretty good shape” financially, with rising spending, low debt levels and a buoyant job market.
But this good news “faces forces whose full impact we don’t know,” he added, citing the conflict in Ukraine, rising oil, inflation and rising interest rates.