PITTSBURGH — PNC Financial Services Group CEO Bill Demchak believes the country is headed for a recession, albeit a mild one.
"I don't see any possible outcome other than recession," he said during the Bernstein Strategic Decisions Conference in New York City Thursday.
The Federal Reserve must put the brakes on the economy by raising interest rates in order to tame roaring inflation, he said. The annual inflation rate was 8.3% in April, down from a 41-year high of 8.5% in March.
