Jeremy Grantham warns a recession is still coming and the Fed is 'almost guaranteed to be wrong'

• Jeremy Grantham told Bloomberg he still sees a US recession on the way.
• High interest rates will keep dragging on financial markets and a downturn could last into 2024.
• "I suspect inflation will never be as low as its average for the last 10 years."

Jeremy Grantham thinks a recession is still on the way, and he doesn't have confidence in the Federal Reserve to steer the US economy toward a soft landing. 

In an interview with Bloomberg, the Wall Street veteran and co-founder of GMO said higher-for-longer interest rates will end up delivering pain to markets, and that the central bank has little ability to change things.