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

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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.

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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

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