PNC Financial Services Group Inc. Chief Executive Officer Bill Demchak is anticipating an economic downturn, though said he’d steer clear of “weather forecasts” like the one offered by Jamie Dimon Wednesday.

“Inflation is persistent, I think more persistent than the market thinks and than the Fed thinks,” Demchak said Thursday during an investor conference hosted by AllianceBernstein Holding LP. “I don’t see any possible outcome other than a recession.”

Even so, Demchak said he didn’t anticipate a “hurricane” on the horizon. Dimon, JPMorgan Chase & Co.’s chief executive officer, used that term Wednesday to describe looming economic challenges.

Goldman Sachs Group Inc. President John Waldron likewise said he would refrain from “using any weather analogies” Thursday even as he echoed Dimon’s pessimistic tone.

In the meantime, Demchak said that the consumer remains strong and will likely continue to drive the economy even as the Federal Reserve works to contain spiraling prices.

“We’ve got to get inflation right,” Demchak said. “And then frankly I think we’re going to have a big rip back.”

This article was provided by Bloomberg News.