Bank of America warned investors on Thursday that a coronavirus-induced recession is no longer avoidable — it’s already here. The firm sees a trough in April, followed by a “very slow return to growth thereafter with the economy feeling somewhat more normal by July.” Bank of America is far from the only firm with a dire assessment of the economy.
We are officially declaring that the economy has fallen into a recession … joining the rest of the world, and it is a deep plunge,” Bank of America said in a note to clients. Jobs will be lost, wealth will be destroyed and confidence depressed,” the firm added.
Read the complete analysis on CNBC – here