Bank of America no longer predicting recession, CEO says

foxbusiness.com:

Circle Squared Alternative Investments founder Jeff Sica argues this weeks CPI and PPI inflation data will make or break the stock market on Varney & Co.

Bank of America's economists no longer see the U.S. entering a recession, CEO Brian Moynihan said over the weekend.

"Bank of America Research does not have any recession predicted anymore," Moynihan told CBS’ «Face the Nation.» 

Bank of America CEO Brian Moynihan speaks during «Mornings With Maria» at FOX Business Network on July 27, 2023. (Photo by John Lamparski/Getty Images / Getty Images)

The Bank of America boss said that at this time last year, the bank's team of analysts expected the economy to slide into a recession – generally defined as a decline in gross domestic product for two consecutive quarters – but now those concerns have dissipated.

BANK OF AMERICA CEO REVEALS WHERE US CONSUMER MONEY IS GOING AND THE ‘PROBLEM’ WITH IT

«This year we talked about now there's no recession,» Moynihann said. «And basically they say we go to 2% growth, to one and a half percent growth over the next six quarters and kind of bump along at that growth rate, plus or minus.» 

Bank of America Research no longer sees signs of a U.S. recession in the near future, CEO Brian Moynihan says. (Davis Turner/Getty Images / Getty Images)

While the bank is no longer forecasting any chance of a recession in the near future, other see an opposite view.

JPMorgan Chase economists warned last week that the odds of the U.S. entering a recession this year have increased.

HOME PRICES ARE FINALLY STARTING TO FALL – AND THEY DROPPED THE MOST IN THESE 3 CITIES

In an analyst note, JPMorgan economists led by Bruce Kasman raised the odds of an economic downturn this year to 35%, up from their