© Reuters. Bank of America Chairman and CEO Brian Moynihan speaks at the ReutersNEXT Newsmaker event in New York City, New York, U.S., November 8, 2023. REUTERS/Brendan McDermid
(Reuters) – Bank of America CEO Brian Moynihan on Wednesday reiterated his expectation of a soft landing for the U.S. economy, saying the lender was seeing a slowdown in consumer spending.
Here are some excerpts from his interview at the Reuters NEXT conference in New York:
SOFT LANDING EXPECTATIONS
“Our research team is the best in the business. They have moved to the soft landing category. They have a slowdown in the economy in the middle of next year.”
RATE HIKE EXPECTATIONS
“You’re seeing a precipitous slowdown in consumer spending… Financial conditions have tightened. Loans are more expensive so people aren’t borrowing as much. Mortgage rates have moved up and the housing market has slowed down.”
“We have one more rate increase, whether that happens or not. And then starting to bring them down in the second half of next year.”
ON INFLATION COMING BACK TO 2% RANGE
“It takes to the end of ’25 to get inflation down to the low twos level.”
ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) ISSUES
“On a…
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