BofA expects US economy to fall in Q2

Bank of America (BofA) has warned that the U.S. economy could shrank in the second quarter, after an economic data showed the implications of the Federal Reserve’s monetary tightening policy on the economy, Reuters reported on Monday.

Bank’s report declared that the recent economic data is consistent with its forecast that the U.S. economy slowed over the first quarter. “As a result, he believed there was a high risk of a contraction of GDP in the second quarter,” the report added.