Bank CEOs warn that US economy faces ‘daunting’ challenges

By KEN SWEET
AP Business Writer

WASHINGTON (AP) — The CEOs of the nation’s biggest banks have appeared in front of Congress and given a dim view of the U.S. economy, reflecting the financial and economic distress many Americans are facing. JPMorgan Chase’s Jamie Dimon, Citigroup’s Jane Fraser and other chief executives said the U.S. consumer is currently in good shape but faces threats from high inflation and rising interest rates. The hearing happened on the same day the Federal Reserve announced a 3/4-point hike to its benchmark interest rate as it tries to contain inflation. While billed as a hearing on everyday finances, the CEOs also faced difficult political questions with Washington in the midst of an election year.