Bank of America Corp.s commercial customers are already reacting to the fiscal cliff looming over the U.S. budget by putting off purchases, Chief Executive Officer Brian T. Moynihan said.
Businesses are holding back on buying capital goods until the outcome of negotiations in Washington becomes clear, Moynihan said today at a New York investor conference sponsored by Bank of America. Tax increases and spending cuts could equal as much as 4 percent of gross domestic product, Moynihan said.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access