Bank of America chief predicts ‘mild recession’ in 2023 ...Middle East

Bank of America CEO Brian Moynihan said Tuesday he’s expecting a “mild recession” in 2023, sounding a more positive note about the state of the economy than many in the financial world have been broadcasting amid 40-year-high inflation. Doomspeak about the possibility of a recession has been coming out of the financial sector since the summer when JP Morgan Chase & Co. CEO Jamie Dimon said he saw a “hurricane” gathering on the economic horizon as the Federal Reserve began a program of quantitative tightening, sending equity markets into a freefall. Contractions in gross domestic product (GDP) in both the first and second quarters of 2022 added weight to the warning, leading many Ame

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