Signs emerge that the US economy may avoid recession

On November 8, Bank of America (BofA) CEO Brian Moynihan predicted that the US economy would have a "soft landing".

The US economy is heading towards a 'soft landing' scenario. (Source: Getty Images)

Consumer spending at the bank slowed to 4% in October from 4.5%, the bank's CEO said.

That's about half the pace recorded earlier this year, while commercial customers aren't borrowing much either.

Still, Mr. Moynihan touted the "healthy" financial situation and consumer spending over the past several months as signs that the U.S. economy could avoid a recession.

BofA economists forecast the US economy will grow 2.7% this year and 0.7% in 2024, and predict the US Federal Reserve will raise interest rates once more in December to a range of 5.5-5.75%.

"The Fed could raise rates again, but that's not certain. There's also speculation that rates will fall in the second half of 2024. Getting inflation down to the 2% target may take until late 2025," Mr. Moynihan stressed.

Source: https://baoquocte.vn/xuat-hien-dau-hieu-kinh-te-my-co-the-tranh-duoc-suy-thoai-249358.html