Signs emerge that the US economy may avoid recession

On November 8, Bank of America (BofA) CEO Brian Moynihan predicted that the US economy will have a "soft landing".

The US economy is heading towards a 'soft landing' scenario. (Source: Getty Images)

BofA's CEO said consumer spending at the bank slowed to 4% from 4.5% in October 2023.

That's about half the pace recorded earlier this year, while commercial customers aren't borrowing much either.

Still, Mr. Moynihan sees "healthy" consumer spending and financial conditions over the past several months as a sign that the US economy can avoid a recession.

BofA economists predict the US economy will grow 2.7% this year and 0.7% in 2024, and predict the US Federal Reserve will raise interest rates once more in December to a range of 5.5-5.75%.

"The Fed could raise rates again, but that's not a given. There's also speculation that rates will fall in the second half of 2024. Getting inflation down to the 2% target may take until late 2025," Moynihan stressed.

Source: https://baoquocte.vn/xuat-hien-dau-hieu-kinh-te-my-co-the-tranh-duoc-suy-thoai-249358.html