Bank of America Predicts US Recession This Year as Inflation Hits 40-Year High

Bank of America has forecasted that the U.S. economy will slide into a recession this year. “A number of forces have coincided to slow economic momentum more rapidly than we previously expected,” the bank’s economists said.


Bank of America’s economists now expect a recession in the U.S. this year. In a report published Wednesday, they explained: “Our previous baseline outlook for the U.S. economy featured a growth recession. But a number of forces have coincided to slow economic momentum more rapidly than we previously expected.” The analysts added:

We now forecast a mild recession in the U.S. economy this year.

Our forecast puts inflation broadly in line with the Fed’s 2% mandate by the end of 2024.

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