Bank of America CEO on the chances of recession this year

Bank of America CEO Brian Moynihan breaks down the chances of a recession in 2023 at the World Economic Forum in Davos, Switzerland.

Video Transcript

BRIAN MOYNIHAN: And it'll be a mild recession, largely because the stimulus and other things, even though the Fed's raised rates, you see the capacity of the American consumer to keep going. And so a basically mild recession early next year. But over the last year, that's been constantly pushed out. And so we'll see what happens. But mild recession, slightly down for a couple of quarters and then back to slightly up, and then more normal in '24 and into '25.