Central Banks
Fed Is Done Hiking, But Rates to Stay High for a Long Time, PNC CEO Says
- CEO Demchak sees a slowdown or even a mild recesssion
- He embraces scale, saying too-big-to-fail is here to stay
William Demchak
Photographer: Al Drago/BloombergThis article is for subscribers only.
The Federal Reserve has finished raising interest rates, but they’ll remain high for a while amid “sticky” inflation, according to PNC Financial Services Group Inc.’s top banker.
“I think the Fed is close to having pulled this off. I think they’re done,” Chief Executive Officer William Demchak said Tuesday during the Goldman Sachs Financial Services Conference in New York. But he added, “I think they’re gonna stay there for a long period of time.”