Bank of America CEO Sees US Technical Recession in 3rd Quarter

Brian Thomas Moynihan, Chairman and CEO of Bank of America, testifies during a Senate Banking, Housing, and Urban Affairs Committee Hearing on Capitol Hill in Washington on Sept. 22, 2022. Saul Loeb/AFP via Getty Images

SYDNEY—Bank of America Chief Executive Officer Brian Moynihan said on Tuesday the U.S. economy would reach a technical recession starting in the third quarter.

Moynihan told The Financial Review’s Business Summit in Sydney a U.S. recession would not be deep and the bank forecast interest rates would start falling in the second quarter of 2024.