Home » Economy » Bank of America CEO predicts 'shallow' recession: US consumer is 'resilient'
Bank of America CEO predicts 'shallow' recession: US consumer is 'resilient'
BofA CEO Brian Moynihan addresses recession fears: Growth slowing, not going off a cliff
Bank of America CEO Brian Moynihan discusses the pace of the economy as the Fed fights to get inflation under control on ‘Cavuto: Coast to Coast.’
Bank of America CEO Brian Moynihan said that a "shallow" recession is likely coming in 2023, despite other bank bosses warning that high inflation would sink the economy.
The employment numbers signal that the U.S. is entering a "shallow recession," Moynihan told ‘Cavuto: Coast to Coast’ in an interview on Tuesday, though still admitting that inflation is a serious problem.
"We've got to get inflation under control, and that's what the Fed's trying to do. And so you're seeing the most interest rate-sensitive parts of the economy take the hit first."
MOST VOTERS BELIEVE US ECONOMY IS CURRENTLY IN RECESSION, ACCORDING TO NEW POLL