"Bank of America CEO: U.S. Consumers and Businesses Curb Spending"

Bank of America CEO Brian Moynihan reports that U.S. consumers and businesses have become cautious with spending due to high inflation and interest rates. Consumer spending growth has slowed significantly, and businesses are reducing hiring and equipment purchases. Moynihan predicts inflation will be controlled by the end of next year, with the Fed likely to cut interest rates later this year, and expects the U.S. economy to grow at around 2%, avoiding a recession.