Bank of America CEO Brian Moynihan was speaking during the bank's quarterly earnings call on Tuesday. US time:

  • "Everything points to a relatively mild recession given the amount of stimulus that was paid to people and the money they have left over,"
  • "At the end of the day, we don’t see the activity on the consumer side slowing at a pace that would indicate that, but we would see commercial customers are being more careful."
  • said that BoA is forecasting US GDP will contract between 0.5% to 1% in the next three quarters


The background to this is that BoA analysts have been forecasting a recession for more than a year, citing high inflation

and Federal Reserve
aggressive rate hikes in response.


Also on Tuesday via the Goldman Sachs earnings call:


Fed Funds & recessions:

fed funds 19 April 2023