Citadel boss Ken Griffin warns a recession is looming - as household savings dwindle and surging interest rates bite

• Ken Griffin expects a recession as household savings dry up and surging interest rates choke growth.
• He blamed historic inflation on the pandemic savings glut being spent after the US economy reopened.
• The Citadel chief warned the Fed's hikes are bad news for rate-sensitive sectors such as housing.

Americans are burning through their pandemic savings, and soaring interest rates are threatening the housing market and other parts of the economy. That's a recipe for a downturn, Ken Griffin told Bloomberg on Tuesday.