Economic indicators

JPMorgan Chase Chief Executive Jamie Dimon praised the results of last month's U.S. midterm elections, saying cooperation in Congress may be more likely since both parties' "wing nuts didn't get elected."

Citigroup is seeing countries around the world roll into recessionary environments, with the U.S. economy on track to follow them in the second half of next year, Chief Executive Jane Fraser said.

Bank of America is slowing hiring as fewer employees leave in an attempt to manage the company's headcount ahead of a possible U.S. recession, Chief Executive Brian Moynihan said.

Treasury Secretary Janet Yellen called October's positive inflation report in the U.S. "a good reading," but cautioned against relying too much on one data point.

The Federal Reserve appeared closer to moderating aggressive interest rate increases after welcome news on inflation, with three officials backing a downshift even as they stressed that policy needs to stay tight.

Executives from PNC, Regions and M&T are expressing confidence that their loan books can withstand a recession. "We don't see crisis-type things in front of us right now," said PNC Chief Financial Officer Robert Reilly.

Top Wall Street bankers offered up a litany of warnings that recession in the U.S. and Europe is increasingly likely with geopolitical risks further darkening the horizon into 2023.

Treasury Secretary Janet Yellen said that while the U.S. financial system remains resilient, the current backdrop has created the conditions where risks to its stability could appear.

Toronto-Dominion Bank's U.S. commercial lending chief sees loan demand growing even as the Federal Reserve aggressively hikes rates that are already at the highest since 2008. 

The Federal Reserve sounded a note of caution on the U.S. economy, which expanded "modestly" through early October with slowing activity raising recession concerns amid some indications of easing inflationary pressure.