Bank of America CEO Brian Moynihan warns to prepare for a US debt default and a recession that will drag down corporate earnings
Prepare for a US debt default and a recession that will drag down corporate earnings, according to Bank of America CEO Brian Moynihan.on Monday, the head of the second-largest US bank said he hoped the government wouldn't slip into default on its debt. But it's a possibility, he warned, one which could rattle markets and the economy.
That ominous warning comes shortly after the US hit its $31.4 trillion borrowing limit in January, which prompted the US Treasury to implement"extraordinary measures" to prevent the nation from defaulting on its debts.
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