The Economy Is on Solid Footing Despite Tariff Turmoil, Bank of America CEO Says

According to Bank of America CEO Brian Mionihan, the risks are increasing, but the economy is still in a good place.

In the first quarter of the company on Tuesday morning, Mionihan said that the bank’s research team “currently does not believe that we will see a recession in 2025,” although it has reduced its growth rate estimates for the US GDP. He said that the bank has not expected the fed cut this year.

Bank of America (BAC) estimated earnings in the first quarter on Tuesday. Other large banks have also reported better-and-intake results for the quarter when market volatility promoted a large profit in trade revenue for many people.

Mionihan joined other big bank officials to express some concern about economic uncertainty. He said that the possibility of recession had recently increased, but said that it would “be a very slight recession, and we should make a good fare on it.”

Mionihan pointed to healthy consumer expenses and commercial data as the causes of optimism. Consumer expenses, he said, growing in a strong clip in the first quarter, despite concerns that tariffs would force Americans to curb their expenses. Some retail vendors may be seen to see slow sales, said, “But overall, the consumer keeps pushing money into the economy.”

According to Mionihan, Bofa’s business customers also ended the quarter on stable footing. “As we look at our professional side and what our business customers are telling (us), in the current setting they reside, liquid and strong results,” he said.