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Bank of America 'still forecasting' 2023 recession: Fed action 'not enough,' exec warns
Bank of America still forecasting a 2023 recession: Keith Banks
Bank of America Vice Chairman Keith Banks provides his outlook on upcoming earnings and other macroeconomy factors.
As markets await big earnings data this week and more commentary from Federal Reserve Chair Jerome Powell, Bank of America Vice Chairman Keith Banks detailed the best way to invest your money this year amid an inevitable recession.
"Bank of America Global Research is still forecasting a recession for 2023. As that happens, they've got to get out in front of the cost quickly," Banks said on "Mornings with Maria" Monday.
"What's been announced so far to us is not going to be enough," he continued, "which is why we do think you'll see additional labor weakness as we go through the year."
Banks’ comments come as Powell prepares to speak Tuesday after the central bank raised interest rates by a quarter of a point, and companies like Disney, Uber, Lyft, Royal Caribbean, Spirit Airlines and others prepare to release 2022 Q4 earnings.
WALL STREET ECONOMIST SAYS RECESSION IN 2023 WILL LOOK LIKE BIGGEST CRISIS OF THE 1970s
A number of Wall Street banks are forecasting a downturn this year, including Goldman Sachs, Wells Fargo and Deutsche Bank, although they remain uncertain about its severity.