Bank of America CEO Predicts Soft Economic Landing Despite Slowing Growth
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Bank of America CEO Brian Moynihan expects a soft landing where the U.S. economy avoids recession though consumer and commercial borrowing slows.
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Moynihan cites healthy consumer finances and spending as signs the economy could avoid recession, contrasting industry peer pessimism.
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Bank of America economists predict 2.7% U.S. economic growth in 2022 and 0.7% in 2023 in a soft landing scenario.
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Moynihan says the Fed may hike interest rates again in December, reaching 5.50-5.75%, and rates could fall in late 2023.
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Moynihan says Bank of America has a leadership succession plan in place but gave no timeline on when he would step down.