WASHINGTON (Reuters] – Lloyd Blankfein, former CEO at Goldman Sachs (NYSE ) said Sunday that he feels the economy could be in recession because the U.S. Federal Reserve is continuing to increase interest rates to address rising inflation.

Blankfein stated that a recession was “very, very high-risk factor” during a CBS interview on Face the Nation.

There is a way. Blankfein who, after he retired many years ago from Goldman Sachs, now holds the title as senior chairman.

“But the Fed does have very powerful tools. They are difficult to tune and hard to spot the impact of quickly. However, they seem to be responding very well. There is always a chance.

Jerome Powell, the Chairman of Federal Reserve, said last week that while increasing interest rates would “include some discomfort,” he also stated that prices could continue to rise.

In March, the Fed approved a quarter-percentage-point rate increase. Some analysts fear that policymakers are too behind the curve to stop price rises without the kind of drastic rate increases that could lead to a recession.

Blankfein stated to CBS that he agreed with Powell’s assessment and added that some inflationary effects currently being experienced by the economy will “sticky”.

He said, “All things considered, but especially those in the lowest quartiles of the pie sharing… it’s going be very difficult and oppressive for them all.”

Blankfein was CEO of Goldman Sachs between 2006 and 2018. This tenure included the turbulent financial crisis that forced the U.S. to establish a bank bailout plan.