Gary Cohn Says Fed Hikes Hurt Banks More Than They Help the Economy
- Ex-Goldman president says big banks don’t need more capital
- Former Trump economic adviser thinks Powell has ‘done enough’
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Former Goldman Sachs Group Inc. President Gary Cohn said the Federal Reserve needs to “take a deep breath” after rate hikes meant to fight inflation hurt the banking sector.
“I would like the Federal Reserve to stop,” Cohn, a top economic adviser in the Trump White House who is now vice chairman at International Business Machines Corp., said in an interview with Barry Ritholtz on Bloomberg Radio’s “Masters in Business” podcast. “Right now in the tightening cycle, we’ve almost seen more damage in the regional banks than we have seen help for the US economy.”