Bank of America: Fed Unlikely to Cut Rates Before Next Year

Odaily Planet Daily News: Bank of America has observed an improvement in market conditions over the most recent quarter. CEO Moynihan stated during a conference call with analysts, "This has allowed our world-leading research team to continue forecasting that the United States will not experience a recession, and that the economy will see moderate growth—about 1.5% by year-end, with the Federal Reserve unlikely to cut rates before next year." Moynihan noted that both individual and corporate clients are still spending, and clients continue to seek certainty. He added that recent trade agreements and the passage of tax legislation are enabling clients to form clearer expectations for the future and adjust their behavior accordingly. (Jin10)