Bank of America CEO Moynihan says U.S economy to reach technical recession

SYDNEY (Reuters) – Bank of America Chief Executive Officer Brian Moynihan said on Tuesday the U.S economy would reach a technical recession starting in the third quarter of 2023.

Moynihan told The AFR Business Summit in Sydney a U.S recession would not be deep and the bank forecast interest rates would start falling in the second quarter of 2024.

(Reporting by Praveen Menon and Lewis Jackson in Sydney; Editing by Chris Reese)