Federal Reserve Meeting Preview: High Interest Rates 'Need More Time To Work,' Bank of America Says [Yahoo! Finance]
Bank of America Corporation (BAC)
Last bank of america corporation earnings: 4/15 06:45 am
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Source: Yahoo! Finance
That's the insight coming from Bank of America's U.S. economist Michael Gapen ahead of this week's Federal Open Market Committee meeting and interest rate decision, due at 2 p.m. ET Wednesday. With no immediate changes in interest rates anticipated, the focus shifts to the Fed's future policy actions, particularly regarding potential rate cuts. Bank of America ExpectsSingle Rate Cut This Year, No Earlier Than December In response to higher-than-expected inflation readings, Bank of America has revised its forecast dramatically over the past month. After an initial prediction of three rate cuts, the bank has now adjusted its forecast to a single reduction in December 2024. That closely reflects the prevailing market sentiment, with expectations leaning toward a modest 35-basis-point rate cut (equivalent to one cut) for 2024, with a 60% chance for a rate cut by September as implied by the CME Group's FedWatch. Gapen adjusted his terminal rate projection to between 3.5% and 3.7
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BAC
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- 4/16/24 - Beat
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Sec Filings
- 5/15/24 - Form 13F-HR
- 5/10/24 - Form 8-K
- 5/10/24 - Form 424B2
- BAC's page on the SEC website