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According to the CEO of Bank of America, strong spending and jobs have reversed the recession call

  • Consumers are employed and still spending money, Moynihan says
  • CEO warns of risks with proposed capital rules for big banks

BofA CEO Moynihan Doesn't Expect US Recession

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Bank of America Corp. Chief Executive Officer Brian Moynihan said the firm reversed its prediction for a recession in coming months because of strength in the jobs market and robust consumer spending.

“People are employed, they have money, they are spending money,” Moynihan said in a Bloomberg Television interview Thursday. “It looks like we are reaching a pretty good equilibrium.”

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