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Brian Moynihan

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  • The US will enter a technical recession by the third quarter, according to BofA's Brian Moynihan.
  • "It's a very slight recession in the scheme of things. I don't think you'll see a deep recession."
  • Moynihan said Bank of America expects the Fed to begin cutting rates in the second quarter of 2024.

Bank of America CEO Brian Moynihan warned the US will enter a recession this year, though a downturn is unlikely to be severe.

A recession will start in the third quarter then continue through the fourth quarter and into the first quarter of 2024, Moynihan said at The Financial Review's Business Summit on Tuesday, according to Reuters.

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Markets, MI Exclusive, recession warning, Brian Moynihan, Bank of America, recession prediction, US economic outlook, US Economy and Markets, Economic Downturn, GDP, Inflation, fed interest rates, Fed rate hikes, Rate Cuts, interest rates outlook, mild recession
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Bank of America CEO Brian Moynihan says the US will enter a recession in the 3r…