Bank of America CEO Predicts Economic Slowdown in 2024, But Sees Potential for Soft Landing

Bank of America CEO Brian Moynihan says tight lending conditions will lead to an economic slowdown in the U.S.

Rising interest rates have changed consumer and business borrowing behavior. Commercial lending has slowed.

Consumer spending growth has slowed to 4% annually, indicating a shift to a low inflation, low growth economy.

Moynihan predicts the economy will slow in mid-2024, with the Fed cutting rates in late 2024. He sees a potential soft landing.

Bank of America reported $7.8 billion in Q3 net income, with revenue stabilizing. Moynihan sees a path forward.