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