BofA CEO Says High Rates Reflect US Economic Resilience, Not Recession Signal
JH Kim
Summary
- Brian Moynihan said high interest rates are not a sign of recession, but instead reflect the resilience of the US economy.
- Moynihan said high interest rates show the strength of the US economy and the Fed’s response to curb inflation.
- Bank of America expects the Fed to deliver three rate hikes and sees US economic growth remaining solid even as inflation eases.
Forecast Trend Report by Period
Brian Moynihan, chief executive officer of Bank of America, said high interest rates are not a sign of recession but instead reflect the resilience of the US economy.
Walter Bloomberg reported on July 1 that Moynihan sees elevated rates as a sign of the economy's strength and the Federal Reserve's effort to contain inflation.
Bank of America expects the Fed to raise interest rates three times.
Moynihan added that US economic growth should remain solid as inflation gradually eases.
JH Kim
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