US inflation could hit the Federal Reserve’s 2% target in 2025, Bank of America CEO Brian Moynihan told CNN in an exclusive interview Tuesday. Already, consumers are cutting back on spending to a level that is consistent with 2% inflation, Moynihan said, citing Bank of America customer data. The mild recession, Moynihan said, would likely come “the first part of next year” and not the latter part of this year, which he previously predicted. He also said he believes the unemployment rate likely won’t exceed 5%. Last month’s jobs report showed the unemployment rate rose to 3.7%, despite impressive job gains.

Source: CNN June 27, 2023 16:29 UTC