'Significant' risk of the US economy shrinking this quarter, BofA warns

1/29/2022 12:01:00 AM

Bank of America slashed its first-quarter economic outlook for the United States on Friday because of disruptions caused by the Omicron coronavirus variant.

Bank of America slashed its first-quarter economic outlook for the United States on Friday because of disruptions caused by the Omicron coronavirus variant.

Bank of America slashed its first-quarter economic outlook for the United States on Friday because of disruptions caused by the Omicron coronavirus variant.

That's a sharp downgrade from the bank's prior call for 4% growth in the quarter. And yet it could prove to be optimistic."Risks of a negative growth quarter are significant, in our view," Bank of America economists warned clients in the report.

That would break a streak of six consecutive quarters of growth that began in the summer of 2020.The Atlanta Federal Reserve's GDPNow forecasting model, released on Friday, is calling for 0.1% growth in the first quarter. That would be a rapid slowdown from the 6.9% annual rate of growth during the final quarter of 2021.

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Economists at Bank of America said in a report to clients they now expect US gross domestic product to increase at an annual rate of just 1% during the first three months of this year.Share on Email Senator Grace Poe said bank depositors should not be burdened with distinguishing counterfeit bills coming from banks.Jeffrey Damicog National Bureau of Investigation (2) Justice Secretary Menardo I.During the July-September period, the Philippine economy expanded by 6.

That's a sharp downgrade from the bank's prior call for 4% growth in the quarter. And yet it could prove to be optimistic.” She said has been baffled why ATMs are dispensing fake peso bills and wants to know how the bogus money found its way into the banks’ machines. "Risks of a negative growth quarter are significant, in our view," Bank of America economists warned clients in the report. 012, the NBI was “directed and granted authority to conduct an investigation and case build-up on alleged phishing schemes victimizing teachers with Land Bank accounts, and, if evidence warrants, to file the appropriate charges against those found responsible therefor. That would break a streak of six consecutive quarters of growth that began in the summer of 2020. She noted that reminders by the Bangko Sentral ng Pilipinas to be alert of fake bills from ATMs are disquieting. The Atlanta Federal Reserve's GDPNow forecasting model, released on Friday, is calling for 0.4%), professional and business services (10.

1% growth in the first quarter. As keepers of the people’s money, she said banks must at all times ensure state-of-the-art defenses against security breaches.” The DOJ’s Office of Cybercrime (DOJ-OOC) has described phishing, along with vishing and smishing, as “forms of cybercrimes in which the perpetrator posing as a legitimate institution, such as a bank, online payment site, or an online commerce site, devises a message through electronic, phone call, or text message” with the objective “to lure individuals into providing sensitive data, such as personally identifiable information, banking and credit card details, and usernames and passwords. That would be a rapid slowdown from the 6.9% annual rate of growth during the final quarter of 2021. Tags:. For the year as a whole, Bank of America now sees GDP growth of 3. The bank issued the statement following the report made by the Teachers’ Dignity Coalition that some teachers lost between P26,000 and P121,000 each from their Land Bank accounts due to hacking.6%, down from its prior expectation of 4%. The nine-month GDP growth also slowed to 4.

Bank of America pointed to the"shock" caused by Omicron, along with the expected path of inventories and the outlook for fiscal spending, which is set to slow sharply. The bank is now expecting a fiscal package to be just half the size of the Build Back Better Act. It reminded depositors: “Refrain from opening suspicious emails, links and attachments, and sharing your account and personal information. "Given the deadlock between moderate and progressive Democrats, the risk is that nothing gets passed," Bank of America economists said."We think that the retirement of Justice Breyer increases this risk because appointing his replacement will be a policy priority for Democrats, eating into the limited time they have before the midterm election." Bank of America said failure to pass anything would cause"modest downside risk" to economic growth during the final three quarters of the year.8%.

This story was first published on CNN.com," .