‘By their own admission, they knew that they came late, they caught up fast. But now they got the equal amounts of problems. They got to be careful they don’t go too far, because you can break the spirits and then we’ll go off a cliff.’
The Federal Reserve has won the near-term battle against inflation, but interest rates are likely to stay higher for longer, Bank of America’s chief executive said on Wednesday.
Consumer spending growth has slowed down from a year earlier, but the economy will avoid a recession, Brian Moynihan told the Economic Club of New York.
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