Bank of America's team of economists no longer see the U.S. falling into a recession and now have the opposite view, CEO Brian Moynihan said over the weekend.
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.
This year we talked about now there's no recession," Moynihann 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." 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.
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. "U.S. wage inflation is now slowing in a manner not seen in other DM 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.
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