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Bank of America forecasts a US 'recession' for the second half of 2023

05 Jun 2023 02:47pm
Traders working on the floor of the New York Stock Exchange on June 1, 2023. – File pic by AFP
Traders working on the floor of the New York Stock Exchange on June 1, 2023. – File pic by AFP

MOSCOW - Bank of America CEO Brian Moynihan said Sunday the country may face a mild recession in the second half of this year and in the first quarter of the next year.

"So the last time I was here was the end of last year and we predicted a recession this year. We moved it out. It's basically third quarter this year, fourth quarter, this year into first quarter, a mild recession. And unemployment gets up in high 4 per cent range, still very low by historical norms," Moyhinan said in an interview to CBS News channel, reported Sputnik.

In May, Federal Reserve Chairman Jerome Powell said that the US may be heading toward what he hopes is a mild recession.

Policymakers at the Federal Reserve have also projected that the US will experience a "mild recession" later this year that could take two years to overcome, minutes of the central bank's policy meeting from March showed. - BERNAMA

Recession
bank
USA
2023
FEDERAL RESERVE
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