Bank of America economists slashed their forecasts for U.S. growth for this year and next to reflect ongoing inflation, Fed tightening, lockdowns in China, and the Russia-Ukraine war.
In a report Friday, the bank’s economists said they now expect the economy to grow 2.3 percent this year and 1.4 percent next year, down from the forecast of four percent this year and 2.2 percent in 2023 that the bank issued in its year-ahead report in November.
The bank sees inflation for the full-year at eight percent, as measured by the Consumer Price Index, a big jump up from the 4.2 percent it expected in November. Next year’s CPI is expected to rise 3.8 percent, up from 2.6 previously expected. The bank says there is a 40 percent chance of a recession next year but thinks the risk of a recession this year is small.
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