Bank of America expects a technical recession by the third quarter The US is facing an economic downturn that could start in the third quarter of 2023 and continue into the first quarter of 2024, Bank of America’s (BoA) chief executive, Brian Moynihan, has warned. Speaking at the Financial Review’s Business Summit on Tuesday, he said that the downturn would not be deep, and projected interest rates to start falling in the second quarter of next year. “It’s a very slight recession in the scheme of things. I don’t think you’ll see a deep recession,” Moynihan was quoted as saying by Reuters. “It will be more of a te
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