A growing number of influential Wall Street executives and business titans have sounded the alarm over the state of the U.S. economy.

Relentless inflation, combined with the most hawkish Federal Reserve in decades, have raised the specter of a recession, according to some of the most prominent CEOs in the country.

The U.S. central bank has embarked on one of the fastest monetary tightening paths in decades as it seeks to wrestle consumer prices that are still running near a 40-year high back to 2%.

In a troubling development, however, the Fed’s rate hikes have thus far failed to tame inflation: the government reported last week that the consumer price index soared 8.2% in September from the previous year, faster than expected.

Even more concerning, core prices – which exclude more volatile measurements of food and gas – jumped 6.6%, the fastest since 1982.