Goldman Sachs CEO David Solomon says the bank sees a 50% chance of recession in the next 2 years

• Goldman Sachs economists think there's a 50% chance of recession within two years.
• CEO David Solomon told CNBC Wednesday the bank also sees a 30% for a recession within 12 months.

Goldman Sachs economists are calling a 50% chance of a recession within two years and a 30% chance in the next 12 months, according to CEO David Solomon.

Solomon spoke to CNBC on Wednesday, saying that economic conditions are sure to tighten as the Federal Reserve tackles high inflation, while highlighting the uncertainty surrounding markets.

"We're suggesting that the chance of recession is higher now than it's been in quite some time, and everybody needs to be a little bit cautious," Solomon said. He added that while markets have slumped, "no one can predict what the future will bring."

Fears of recession are running high on Wall Street, adding unease to markets that are now essentially pricing in a at at least a mild downturn, and some investors think conditions will worsen before they improve.

Solomon also pointed to the latest earnings reports to hit Wall Street, highlighting that while results have been somewhat lackluster, he see's "exogenous stimulants" that spurred increased market activity.

"Our clients have been active, [and] the consumer is still in reasonable shape , but there's no question we're tightening economic conditions and that will affect the consumer," Solomon said.