The CEO of one of the nation’s largest banks is preparing for an economic downturn in 2023. But he’s also hopeful that the likely recession will be brief and “mild.”
Bank of America\n \n CEO Brian Moynihan said in an exclusive interview with Poppy Harlow on “CNN This Morning” Tuesday that there is a lot of uncertainty in the global economy due to the potential US freight railroad strike, Russia’s war with Ukraine and Covid shutdowns in China. So an economic pullback shouldn’t be a major surprise. But Moynihan told Harlow that the worst-case fears for the economy may not materialize — thanks to the continued resilience of American shoppers.
Still, Moynihan is concerned that there could be more tough times ahead for the housing market. Mortgage rates have skyrocketed this year due to the Federal Reserve’s series of aggressive interest rate hikes. That has made it difficult — if not impossible — for many younger Americans to buy a first home. “This is the toughest thing. You have to slow down the economy. You have to slow down inflation. And the way you do that is raising interest rates,” Moynihan said.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Consensus 2023 Presented by CoinDesk | April 26-28, 2023Join the most important conversation in crypto and Web3 at Consensus2023. Take advantage of our CyberMonday deal before 11:59 p.m. ET on Nov. 30 and grab your free passes to Consensus2023 👉
Weiterlesen »
The NFL can wait: Why Olu Fashanu will return to Penn State in 2023Penn State star offensive tackle Olu Fashanu will forgo being a first-round NFL draft pick to return to the Nittany Lions next season.
Weiterlesen »
3 Trends for the Cryptocurrency Market in 2023Three categories may be highlight of 2023 as they are focused on solving this year's big issues
Weiterlesen »
Ubisoft Will Launch Oddballers In Late January 2023Ubisoft confirmed today that they will be releasing their new dodgeball-themed game Oddballers for PC and consoles this January.
Weiterlesen »
2023 Mazda CX-60 Launches In Australia From AU$59,800 | CarscoopsThe 2023 Mazda CX-60 is offered with three different powertrains, including inline fours and sixes
Weiterlesen »
Marvel Kicks Off Wakanda Forever Oscar Campaign With Angela Bassett PraiseMarvel Studios kicks off their BlackPantherWakandaForever Oscar campaign by highlighting Angela Bassett’s acclaimed performance as Queen Ramonda.
Weiterlesen »