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Economics

PNC CEO Demchak Predicts Recession, Doesn’t See Economic ‘Hurricane’

PNC Financial Services Group Inc. Chief Executive Officer Bill Demchak is anticipating an economic downturn, though said he’d steer clear of “weather forecasts” like the one offered by Jamie Dimon Wednesday. 

“Inflation is persistent, I think more persistent than the market thinks and than the Fed thinks,” Demchak said Thursday during an investor conference hosted by AllianceBernstein Holding LP. “I don’t see any possible outcome other than a recession.”