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0 0.000250879884486952 -0.000541467376590581 0 -0.0070390758956773 -0.0104683692807508 -0.00884396715097919 -0.0140781517913546
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Bank of America CEO: Recession is unlikely [CNN]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: CNN
CNN Business exclusive: Bank of America CEO says a recession isn't in the cards "The economy was predicted by everybody to slow down ... That's coming true," Moynihan said in an exclusive interview from the sidelines of the Fortune Brainstorm Conference in Montauk, New York. "The reality is we feel good about the economy." The Bank of America ( BAC ) CEO's optimism is based on his bank's view into consumer spending — the central driver of the American economy. After robust growth in 2018, Bank of America's customers have decelerated spending this year to pre-tax-cut levels. However, Moynihan said spending is still consistent with 2% to 2.5% GDP growth. "We feel very good that the consumer spending, the underlying activities are strong," Moynihan said. Overall, Bank of America doesn't see signs that the US economy will contract for multiple quarters — the traditional definition of a recession. "People talk about recession, and they confuse it with slowing down," Moynihan said. Moyni Show less Read more
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