I am here at the Bank of America Financial Services Conference with the Bank of America CEO Brian Moynihan

thank you for having us here. Well thank you for coming and got hundreds investors and a bunch of CEOs and others from a company is giving their view of the future.

So it's good that you could be here to help put some of that out in the public domain.

Okay, good. So let's talk about the view of the future. We got an inflation report widely discussed this morning.

Seventh month in a row of cooling inflation, 6.4%. What's your assessment of how fast it can come

down from here?

Well, I think the question is sort of the sticky or not sticky components and the different

elements, but the reality is the labor markets are still strong, and you've heard

Chair Powell and others talk about that because the rally is new

claims for unemployment low. There's a lot of talk about I'm not hiring as many people

where I'm slowdown in my hiring. There are layoffs but you still don't see a major

adjustment in terms of unemployment rate and

that job tightness wage tightness and things is something they've got to see but

it's flattened out and then rent is the other big one and rent sort of has a

seasonal pattern to it and you think about

school changing in September rent starts so you usually have a kick up and then you

have rents come down and they came down twice the percentage they usually fall in the latter part of the year and they're down in January so that's coming in line but it'll be it'll be slow to get through

So as you look forward our team has recession predicted they've moved it out another quarter recently to start in the third quarter, fourth

quarter, first quarter next year. They've lessen the impact. And I think people are sort of coalescing

on this idea that maybe this thing is a, not a soft landing, i.e I you know recession but maybe a more mild

recession and the delay is due to the strength of consumer and other things but the

Fed's going to have to get inflation where they want it and that means they're

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