Bank of America: It is expected that the Fed will not cut interest rates before next year, and the economy will rise moderately.

On July 16, Bank of America observed an improvement in the market environment in the recent quarter. CEO Moynihan stated during a conference call with analysts: "This allows our world-leading research team to continue forecasting that the U.S. will not experience an economic recession, and the economy will rise moderately — with an annual growth rate of about 1.5% by the end of the year, and the Fed will not cut interest rates before next year." Moynihan noted that both individual and business clients continue to spend, as customers seek certainty; the recently reached trade protocol and the passing of tax legislation are helping clients to form clearer expectations for the future and adjust their behaviors accordingly. ( Jin10 )