Bank of America CEO predicts ‘slight’ US recession this year
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Loading... - Sabine Fritz
- 07 Mar 2023
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Bank of America chief executive Brian Moynihan has predicted the United States will enter a “very slight” recession later this year despite improving signs for the global economy.
Speaking at a business summit in Sydney, Australia, Moynihan said the US economy is on track for a mild technical recession — defined as two consecutive quarters of negative growth — in the third quarter.
“Our base projection is for a recession to occur in the US economy beginning in the third quarter of 2023, occur through the fourth quarter of 2023 and into the first quarter of 2024,” Moynihan said during an appearance at The Financial Review’s Business Summit on Tuesday.
Moynihan said he anticipates the economy to contract in each quarter by between 0.5 percent and 1 percent, resulting in a “very slight recession in the scheme of things,” and for interest rates to start falling in the second quarter of next year. Read More..
