MOSCOW, June 5 — Bank of America chief executive officer Brian Moynihan said on Sunday (June 4) the United States (US) may face a mild recession in the second half of this year and in the first quarter of the next year.
"So the last time I was here was the end of last year and we predicted a recession this year. We moved it out. It is basically the third quarter this year, the fourth quarter of this year into the first quarter, a mild recession. And unemployment gets up in high 4 per cent range, still very low by historical norms," he said in an interview with CBS News channel, reported Sputnik.
In May, Federal Reserve Chairman Jerome Powell said the US may be heading toward what he hopes is a mild recession.
Policymakers at the Federal Reserve have also projected that the US will experience a 'mild recession' later this year, which could take two years to overcome, minutes of the central bank's policy meeting from March showed.
— Bernama
