The bank, he said, predicted the quarterly contractions would range between 0.5% and 1%.
"It's a very slight recession in the scheme of things. I don't think you'll see a deep recession," he said.
"In our view that is based on a corporate side or a commercial side slowdown, not a consumer side slowdown."
Moynihan said the bank forecast U.S. interest rates would start to be reduced in the second quarter of 2024.
"It's a very slight recession in the scheme of things. I don't think you're going to see a deep recession," Moynihan said.
"I think you're going to see a slowdown which frankly a
lot of people are not going to see that much of. It will be more
of a technical recession than it will be a deep drop in the
U.S."
(Reporting by Praveen Menon and Lewis Jackson in Sydney;
writing by Scott Murdoch; Editing by Chris Reese and Richard
Chang)
