Bank of America observed an improvement in the market environment in the most recent quarter. CEO Moynihan said in a call with analysts, "This allows our world-leading research team to continue to predict that the U.S. will not experience a recession, and the economy will grow moderately—at a rate of about 1.5% by the end of the year, and the Federal Reserve will not cut interest rates until next year." Moynihan said that individual and corporate clients are still continuing to spend, and clients are still seeking certainty. He also added that the recent trade agreements and the passage of tax bills are allowing clients to begin to form clear expectations for the future and adjust their behavior accordingly. (Golden Ten) [Odaily Planet Daily News]

Bank of America: Expects the Federal Reserve to not cut interest rates until next year