Bank of America’s CEO has one simple reason why he doesn’t see a recession looming

08:15 08/25/2019

Original Article.

Bank of America Corp.’s BAC  CEO Brian Moynihan says he doesn’t see a recession in the offing because the U.S. consumer remains healthy. 

The Wall Street chieftain’s comments, which aired on CNBC on Wednesday, come as investors have been fretting about the health of the U.S. economy with the Trump administration has been locked in a yearlong battle with China over trade policy.

The dispute, centered on import duties, has raised the chances that a recession could grip the domestic economy soon, elevating anxieties in financial markets. However, Moynihan said that a yield-curve inversion, which occurred briefly last Wednesday between the closely watched yields for the shorter-dated and longer-dated government bonds, doesn’t necessarily signify that a recession is imminent.

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