ICYMI – BoA CFO says doesn’t believe we’ll see a recession

more to come

Measured remarks from Bank of America ICYMI:

Bank of America CEO Brian Moynihan:

• “we potentially face a changing economy in the future”
• US consumers still spending, keep “pushing money into the economy”
• business clients “remain profitable, liquid and have strong results”
• We continue to watch for signs the environment is changing

Bank of America CFO Alastair Borthwick:

• “Our research team at this point doesn’t believe we’ll see a recession, and our clients continue to show encouraging signs.”
• “Our research team are still calling for modest growth,”
• ” they think that some of the uncertainty may lead to a slowdown in the economy before it picks back up, but that would be very similar to things like the blue-chip consensus at this point, and similar to what Chairman Powell has said”

BoA is, nevertheless, building up precautions. It set aside US$1.48 bn in credit provisions for potential future losses, over 12% more than it set aside a year ago.

This is the read in Chinese state media. No love lost.

This article was written by Eamonn Sheridan at www.forexlive.com.