Former Goldman SachsThe CEO Lloyd BlankfeinAccording to him, the U.S. Federal Reserve is continuing to increase interest rates in order to address rising inflation.

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

It’s possible to find a route. Blankfein who, after he retired many years ago from Goldman Sachs, now holds the title as senior chairman.

But I believe the Fed is very well-equipped. Although it is difficult to adjust them and to quickly see their effects, I believe they are responding well. There is always a chance.

Jerome Powell, Chairman of the Federal Reserve, acknowledged last week that rising interest rates “will cause some pain,” but said that prices could continue to rise. This would make things worse.

In March, the Fed approved a quarter-percentage-point rate increase. Analysts fear the Fed has fallen behind in reducing price increases and avoiding sharp rate rises which might lead to recession.

Blankfein said that he agreed to Powell’s assessment. He also stated that some of the inflationary effects facing the economy now are “sticky.”

He stated that “all things being equal, for people, especially for those at the bottom quarterile of the… pie sharing, it will be very difficult and oppressive.”

Blankfein held the position of CEO at Goldman Sachs, from 2006 to 2018. His tenure also included the financial crisis which led to the U.S. government implementing a bailout program for banks.