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 changing
Bank 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.
