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"If I were a voting member of the FOMC, if I'd been really hawkish a month ago, I think I'd be backing off a little bit right now," Jim O'Neill said.
The bank says a "bumpy landing" is more likely from the Fed's interest rate increases, though it expects bigger hikes than what's priced into the market.
Roach said the Federal Reserve would have to hike interest rates even more aggressively to get inflation under control. "50 basis points doesn't cut it."
The major US stock indexes plummeted on Wednesday after retailer Target missed Q1 earnings targets and said surging costs led to lower profits.
Charlie Scharf said while a recession in the US seems hard to avoid, the strength of businesses and consumers would dampen its impact.