Bank of America’s economists no longer predict a U.S. recession, CEO Brian Moynihan announced, saying the bank now expects modest economic growth of 1.5% to 2% over the next six quarters.

This contrasts with last year’s forecast, which anticipated a recession.

However, JPMorgan Chase economists have raised the likelihood of a recession this year to 35%, up from 25%, citing a slowdown in wage inflation and easing labor market conditions, Fox Business has reported.

They also estimate a 45% chance of a recession in the second half of 2025.

Written by B.C. Begley