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Bank of America: Expects Fed to Hold Interest Rates Until Next Year
Summary: In a recent quarter, Bank of America observed an improvement in the market environment. CEO Moynihan stated in a conference call with analysts, 'This allows our globally leading research team to continue predicting that the U.S. will not experience an economic recession, with the economy growing moderately - year-end growth rate of about 1.5%, and ...
In a recent quarter, Bank of America observed an improvement in the market environment. CEO Moynihan stated in a conference call with analysts, 'This allows our globally leading research team to continue predicting that the U.S. will not experience an economic recession, with the economy growing moderately - year-end growth rate of about 1.5%, and the Fed will not cut interest rates before next year.' Moynihan mentioned that individual and corporate clients are still spending continuously, seeking certainty. He also added that recent trade agreements and the passage of tax legislation are starting to give clients clear expectations for the future, allowing them to adjust their behavior accordingly.
