![\"Citigroup](\"https:\/\/www.cryptocabaret.com\/wp-content\/uploads\/2022\/06\/citi-recession-europe.jpg\")
<\/p>\n<\/p>\n
Citigroup CEO Jane Fraser warns that a recession is more likely in Europe than in the U.S. Nonetheless, she stressed that it is not easy for the U.S. to avoid a recession.<\/strong>\n<\/p>\n \n Speaking at an investor conference in New York, she talked about how \u201cthe three Rs\u201d are affecting the global economy, stating: \u201cIt\u2019s rates, it\u2019s Russia, and it\u2019s recession.\u201d<\/p>\n Fraser explained that Europe\u2019s energy problems are \u201creally having an impact on a number of companies in certain industries that are not even competitive right now.\u201d She added that \u201csome of them are shutting down operations \u2026 because of the cost of electricity and the cost of energy.\u201d The Citi executive opined:\n<\/p>\n Europe definitely felt more likely to be heading into a recession than you see in the U.S.<\/p>\n<\/blockquote>\n \n Commenting on the European Central Bank (ECB) action, Fraser said: \u201cIt feels like the ECB is a few months behind where the Fed has been in getting its arms around inflation and without quite the same flexibility that U.S. has.\u201d<\/p>\n In the U.S., Fraser said the question is more about interest rates than recession. However, she noted that it will be difficult for the U.S. to avoid a recession, stating:\n<\/p>\n It\u2019s certainly not our base case that it will be, but it\u2019s not easy to avoid either.<\/p>\n<\/blockquote>\n \nOn Wednesday, JPMorgan & Chase CEO Jamie Dimon said an economic \u201churricane<\/a>\u201d is coming our way, advising investors to brace for impact.<\/p>\n Goldman Sachs President and Chief Operating Officer John Waldron warned<\/a> of unprecedented economic shocks and tougher times ahead.<\/p>\n Furthermore, Tesla CEO Elon Musk said he has a \u201csuper bad feeling<\/a>\u201d about the economy, prompting President Joe Biden to respond. Musk also said we are likely in a recession that could last 12 to 18 months.<\/p>\nCitigroup\u2019s CEO on Global Recession<\/h2>\n
\nCitigroup CEO Jane Fraser warned about the health of the global economy Friday, Reuters reported. Citi is the third-largest and most globally-focused U.S. bank.<\/p>\n\n
\nMajor central banks are already planning interest rate hikes to fight against inflation, preparing for the first round of global quantitative tightening. The move is expected to restrict credit and add stress to an already-slowing world economy.<\/p>\n\n