Excessive stimulus spending by governments during the pandemic is a key cause for a coming recession next year, according to a major bank CEO.
Too much stimulus money was printed during this time that the United States needs to “adjust to that decision, and that’s why you’re seeing the Fed tighten quick,” Bank of America’s CEO Brian Moynihan told “CNN This Morning” on Nov. 29.
The BofA CEO blamed uncertainty in the markets due to the potential U.S. freight rail strike, the war in Ukraine, and pandemic-related shutdowns in China for the increased chance of a global downturn….