Amazon founder Bezos advised to “batten down the hatches”
Amazon (NASDAQ:AMZN) founder and one of the world’s richest men, Jeff Bezos, has warned of tough times ahead for the US economy. The businessman wrote about this on Twitter (NYSE:TWTR), commenting on an interview with CEO of Goldman Sachs (NYSE:GS) David Solomon on CNBC. In it, he predicts a recession.
Solomon believes that the US could expect a recession due to high inflation, which the Federal Reserve is trying to contain through a series of aggressive interest rate hikes.
“Yes, the probabilities in today’s economy say it’s time to batten down the hatches,” Bezos said.
Solomon came out with his announcement after Goldman Sachs released quarterly earnings results that beat Wall Street’s expectations.