He also said one more interest rate hike was expected from the Federal Reserve in the summer.
The Fed has been pushing up rates since last year to douse red-hot inflation, which has been stickier than what some had expected.
The relentless monetary policy tightening has raised the odds of a recession as consumers cut down on discretionary spending, which is hurting loan demand.
U.S. Bancorp is seeing a drop in loan demand in the second quarter compared to a year earlier, Cecere said.
Source: Economy - investing.com
