Bank of America’s Moynihan sees consumer strength pushing recession further into the future
Bank of America Corp. is currently projecting a potential U.S. recession later than it had expected a few months ago as the U.S. consumer continues to drive positive economic activity, CEO Brian Moynihan told Barron’s in an interview.
Moynihan said the bank’s BAC research group now sees a mild recession starting as early as the second or third fourth quarter of 2023 and a return to positive growth in the second quarter of 2024. But now the expectation for a recession has moved out further, largely because the U.S. consumer “has kept spending up and kept economic activity up and that’s pushed it out,” Moynihan said.
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