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Bank of America Is Upbeat, but Preparing for a Worst-Case Outcome

TheMotleyFool

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Bank of America Is Upbeat, but Preparing for a Worst-Case Outcome: https://g.foolcdn.com/editorial/images/763095/23_06_05-a-person-cutting-a-hand-full-of-credit-cards-_mf-dload.jpg

Many on Wall Street expected a recession as 2023 got underway. That didn't happen, with the economy remaining fairly strong right through the year. Now everyone is wondering if the Federal Reserve managed a "soft landing" of the economy through its rapid boosting of interest rates. That remains to be seen.

Bank of America's (NYSE: BAC) recently released fourth-quarter update highlights this dichotomy between expectations and what is going on today. Let me explain.

Bank of America CEO Brian Moynihan summed up 2023 during the bank's fourth-quarter earnings call earlier this month:

Source Fool.com

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