Bank of America Chairman and CEO Brian Moynihan discusses how a mild recession could impact housing, labor and energy sectors from the World Economic Forum.
Bank of America Chairman and CEO Brian Moynihan discusses industry layoffs, Federal Reserve trajectory and investing in innovation from the World Economic Forum.
Discussing his outlook on Federal Reserve trajectory, economic recovery and America’s energy independence, Bank of America Chairman and CEO Brian Moynihan predicted a mild recession coming this year on ""We basically have a mild recession predicted starting sort of mid this year into '24. We expect that the Fed will move rates up over 5% and hold them there all through, pretty much next year," Moynihan told host Maria Bartiromo from Davos, Switzerland.
"Our spending and the activity is more consistent with a lower growth economy and a more normal economy. Inflation is not over yet," Moynihan said, "because the Fed raised rates a lot to slow down the economy."
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