LONDON (Reuters) – The U.S. economy has moved past the peak in growth and inflation, BofA said on Friday, as it cut its gross domestic product (GDP) forecast for this year.
In a note, the bank said it has tweaked its forecasts to reflect recent data and now looks for real GDP growth of 6.5% this year versus 7% previously.
“Economic growth has started to moderate but importantly we think the economy will settle on a growth trajectory that is still more than double the pace of the pre-pandemic rate, surprising many to the upside,” BofA economists said in a note.
They said they still expect 5.5% growth next year.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Need Your Help Today. Your $1 can change life.