Bank of America Issues Early Warning of Mild Recession at Year's Start

Back in January, Bank of America was one of many investment banks that believed the U.S. economy was barreling toward recession. With the Federal Reserve raising interest rates at a breakneck pace to fight inflation, the economy would eventually slow to standstill, the bank warned. But as the year went on, economic data pleasantly surprised Wall Street, leading Bank of America’s chief U.S. economist Michael Gapen to begin shifting his recession forecast.

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