Bank of America CEO Brian Moynihan has predicted a “minor” recession this year, warning interest rates won’t fall until 2024.
Speaking at the Financial Review’s Business Summit in Australia, Moynihan spoke about the country’s current economic outlook. noting that “The labor market remains very tight,” with businesses “having access to capital. Even if it costs more.”
Earlier, Federal Reserve Chairman Jerome Powell had predicted that interest rates could rise. This despite raising interest rates throughout the year to combat inflation and a potential recession for the country next year.
While Bank of America CEO Brian Moynihan predicted a “minor” recession this year, executives also warned that interest rates are unlikely to drop until 2024. 4.75%, the highest since 2007, in line with Powell’s statement yesterday.
“The upcoming recession in the US economy. Maybe starting from the third quarter of 2023 to the fourth quarter of 2023 and the first quarter of 2024,” Moynihan said.
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