Bank of America CEO Brian Moynihan: recession is unlikely
New York (CNN Business)The soft patch in the US economy is unlikely to morph into a full-blown recession, Bank of America CEO Brian Moynihan told CNN Business. That's coming true," Moynihan said in an exclusive interview from the sidelines of the Fortune Brainstorm Conference in Montauk, New York. Overall, Bank of America doesn't see signs that the US economy will contract for multiple quarters — the traditional definition of a recession. He pointed to negative interest rate policies in foreign central banks that has created $11 trillion of negative-yielding debt.