Citi CEO Jane Fraser is convinced Europe will fall into a recession. Citigroup CEO Jane Fraser told CNBC Monday she is convinced that Europe is headed toward a recession. Speaking at the World Economic Forum in Davos, Fraser said that a confluence of factors including the war in Ukraine have left Europe vulnerable to a sizeable downturn. The U.S., which has so far demonstrated “more resiliency” in the economy, the labor market and among consumers, may yet skirt a recession, Fraser said. Still, much depends on how the Federal Reserve conducts its rate hiking strategy as inflation soars ever higher. Euro zone inflation hit a record high for the sixth consecutive month in April as the ongoing war in Ukraine and subsequent impact on Europe’s energy supply weighed on the region’s economy.