Bank of America no longer predicting recession, CEO says
CEO Brian Moynihan says Bank of America's economists are now forecasting several quarters of increased growth
CPI inflation report will disappoint, US is in recession: Jeff Sica
Circle Squared Alternative Investments founder Jeff Sica argues this weeks CPI and PPI inflation data will make or break the stock market on Varney & Co.
Bank of America's economists no longer see the U.S. entering a recession, CEO Brian Moynihan said over the weekend.
"Bank of America Research does not have any recession predicted anymore," Moynihan told CBS’ "Face the Nation."
![Brian Moynihan on Mornings with Maria](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2023/07/931/523/BRIAN-MOYNIHAN-MWM-7-27-23.jpg?ve=1&tl=1)
Bank of America CEO Brian Moynihan speaks during "Mornings With Maria" at FOX Business Network on July 27, 2023. (Photo by John Lamparski/Getty Images / Getty Images)
The Bank of America boss said that at this time last year, the bank's team of analysts expected the economy to slide into a recession – generally defined as a decline in gross domestic product for two consecutive quarters – but now those concerns have dissipated.
BANK OF AMERICA CEO REVEALS WHERE US CONSUMER MONEY IS GOING AND THE ‘PROBLEM’ WITH IT
"This year we talked about now there's no recession," Moynihan said. "And basically they say we go to 2% growth, to one and a half percent growth over the next six quarters and kind of bump along at that growth rate, plus or minus."
![](https://a57.foxnews.com/static.foxbusiness.com/foxbusiness.com/content/uploads/2024/05/931/523/boa-nc.jpg?ve=1&tl=1)
Bank of America Research no longer sees signs of a U.S. recession in the near future, CEO Brian Moynihan says. (Davis Turner/Getty Images / Getty Images)
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
BAC | BANK OF AMERICA CORP. | 38.76 | -1.12 | -2.81% |
While the bank is no longer forecasting any chance of a recession in the near future, other see an opposite view.
JPMorgan Chase economists warned last week that the odds of the U.S. entering a recession this year have increased.
HOME PRICES ARE FINALLY STARTING TO FALL – AND THEY DROPPED THE MOST IN THESE 3 CITIES
In an analyst note, JPMorgan economists led by Bruce Kasman raised the odds of an economic downturn this year to 35%, up from their previous 25% estimate, citing easing labor market pressures.
Economy to pullback 'much harder than expected,' no soft landing: Harry Dent
Financial author Harry Dent warns investors this is a time to be extra cautious on 'Cavuto: Coast to Coast.'
"U.S. wage inflation is now slowing in a manner not seen in other DM [developed market] economies," they wrote. "Easing labor market conditions increase confidence both that service price inflation will move lower and that the Fed's current policy stance is restrictive."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
JPMorgan's analysts still see a 45% chance of a recession in the second half of 2025.
FOX Business' Megan Henney contributed to this report.