more to come
Measured remarks from Bank of America ICYMI:
Bank of America CEO Brian Moynihan:
"we potentially face a changing economy in the future" US consumers still spending, keep "pushing money into the economy" business clients "remain profitable, liquid and have strong results" We continue to watch for signs the environment is changingBank of America CFO Alastair Borthwick:
"Our research team at this point doesn't believe we'll see a recession, and our clients continue to show encouraging signs." "Our research team are still calling for modest growth," " they think that some of the uncertainty may lead to a slowdown in the economy before it picks back up, but that would be very similar to things like the blue-chip consensus at this point, and similar to what Chairman Powell has said"BoA is, nevertheless, building up precautions. It set aside US$1.48 bn in credit provisions for potential future losses, over 12% more than it set aside a year ago.
This is the read in Chinese state media. No love lost.
This article was written by Eamonn Sheridan at www.forexlive.com. Read More Details
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