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    Bank of America execs pessimistic about global economy next year

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    Beijing, December 12. “Reference News” published a report on the website of the British “Financial Times” on the 12th, “Bank of America executives are cautious about the global economic outlook.” The abstract of the article is as follows:

    Some of Wall Street’s largest banks are cautious about the global economic outlook. It comes against the backdrop of consumers starting to spend their savings and clients lowering their forecasts for economic growth in 2023.

    Executives from Goldman Sachs, Bank of America and JPMorgan Chase gave their views at an industry conference. Goldman Sachs CEO David Solomon said: “When I talk to clients, they sound extremely cautious.”

    The remarks heightened anxiety among business leaders about the outlook for the global economy. The global economy is facing many challenges, including central banks of many countries raising interest rates at extreme speed.

    Bank of America CEO Brian Moynihan said U.S. consumer savings peaked in April and then declined, but most Americans still have more than Before the pandemic, this was likely to be the case for a long time as long as the unemployment rate remained low.

    Mariana Lake, JPMorgan’s co-CEO of consumer and community banking, said management’s expectations for a near-term “mild recession” in the U.S. economy had grown over the past three months .

    Investors continue to ponder the Fed’s monetary policy outlook. Stronger-than-expected employment data and growth in the services sector highlighted the risk that inflation could remain elevated in the months ahead, even as Fed Chairman Jerome Powell paved the way for a tapering of rate hikes at the December meeting.

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