Goldman CEO David Solomon says inflation is ‘ingrained’ in global economy
Goldman Sachs CEO David Michael Solomon attends a panel discussion on “Women Entrepreneurs Through Finance and Markets” at the World Bank on October 18, 2019 in Washington, DC.
Olivier Douliery | AFP | beautiful pictures
Goldman Sachs Chief Executive Officer David Solomon said on Monday that inflation was ingrained in the economy and it was unclear whether the situation would improve later this year.
“We see inflation is deeply ingrained in the economy and what is unusual during this period is that both supply and demand are affected by events,” Solomon told analysts on a Monday panel call. exogenous, namely the pandemic and the war in Ukraine”. quarter result.
Solomon, who leads one of Wall Street’s top advisors to corporations, then laid out one of the central debates happening in the markets right now: Knowing that inflation is at a premium the highest of many periods; But how long will it last?
“My conversations with CEOs who run large global businesses told me they continue to see persistent inflation in their supply chains,” Solomon said. “Our economists meanwhile say there are signs that inflation will ease in the second half of the year. The answer is uncertain and we will all be watching very closely.”
Uncertainty keeps Solomon operating cautiously as central banks around the world continue to tighten financial conditions to combat inflation, he said.
“I anticipate more volatility and more uncertainty, and in light of the current environment, we will manage all of our resources prudently,” said Solomon.
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