Inflation is easing, but a mild recession still headed for US: BofA CEO

Bank of America CEO Brian Moynihan said inflation is showing signs of cooling, but the US economy will still face a recession.

"Everything points to a relatively mild recession given the amount of stimulus that was paid to people and the money they have left over," Moynihan told investors on Tuesday. "At the end of the day, we don't see the activity on a consumer side slowing at a pace that would indicate that, but we see commercial customers are being more careful."

For its part, Bank of America forecasts annualized GDP contraction of around 0.5%-1% before seeing positive growth again in 2024.

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