Daily Management Review

Bank of America expects soft landing of the US economy


According to Brian Moynihan, Chief Executive of Bank of America Corp., analysts still predict a "soft landing" for the American economy rather than a downturn.

Carlos Delgado
Carlos Delgado
"There won't be a recession," he added, pointing out that despite a minor dip since the beginning of the year, consumer spending is still solid.

Alastair Borthwick, CFO of BofA, stated last week that there was less chance of a US recession. In addition, the Federal Reserve does not anticipate a decline in the American economy.

At that, Moynihan acknowledged that inflation is still a problem. He specifically mentioned the strikes by Hollywood screenwriters, actresses, and car industry workers who are demanding greater compensation, which is a significant contributing reason to rising prices.

source: cnbc.com