Billionaire Warren Buffett issues stark inflation warning

Billionaire investor Warren Buffett sent out a clear warning to his shareholders as the Fed's inflation measure jumped to 5.4 percent over the last month.

In his much acclaimed annual letter to Berkshire Hathaway shareholders, Buffett, 92, warned that 'huge and entrenched fiscal deficits have consequences.' 

Buffett also appeared to predict that 'financial panics or severe worldwide recessions,' were on the horizon as he vowed to protect his investors. 

Fears of a recession stoked by persistently high inflation rates hit a fever pitch on Friday following the news that the Central Bank's inflation measure is up by 0.7 percent so far this year, causing Wall Street to see its worst week of 2023.