DAVOS, Switzerland — Bank of America (BAC) CEO Brian Moynihan is pushing back on the view held by some investors that the Federal Reserve will slash interest rates in 2023 to jumpstart a potential recessionary U.S. economy.
“They may leave [rates] higher for longer just to make sure they squeeze out that services-side inflation,” Moynihan told Yahoo Finance at the World Economic Forum (WEF) on Tuesday.
Moynihan pointed out that his research team is expecting a “mild” recession this year….
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