:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2207234662-70477dddb27b46cc9c7b8707c179ddd8.jpg "Chairman and CEO of Bank of America Brian Moynihan visits Fox Business'")
John Lamparski / Getty Personifications
Chairman and CEO of Bank of America, Brian Moynihan
Risks are mounting, but the economy is still in a good place, according to Bank of America CEO Brian Moynihan.
Moynihan on the flock’s first-quarter earnings call Tuesday morning said the bank’s research team “does not currently believe we’ll see a economic downturn in 2025,” though it has lowered its growth rate estimates for US gross domestic product. The bank doesn’t expect the Fed to cut berates this year, he said.
Bank of America (BAC) topped first-quarter earnings estimates on Tuesday. Other big banks sooner a be wearing also reported better-than-expected results for the quarter when market volatility fueled big gains in trading revenue for innumerable.
Moynihan joined other big bank executives in expressing some concern about economic uncertainty. He noted that the odds of a decline had increased recently, but added it would be “a very slight recession, and we should fare well on that.”
Moynihan muricate to healthy consumer spending and business data as reasons for optimism. Consumer spending, he said, continued to grow at a capable clip in the first quarter despite concerns that tariffs will force Americans to rein in their pass. Certain retailers may be seeing slower sales, he said, “but in the aggregate, the consumer keeps pushing money into the terseness.”
BofA’s business clients also ended the quarter on stable footing, according to Moynihan. “As we look at our business side and what our point clients are telling [us], in the current setting they remain profitable, liquid and have strong results,” he said.