[Bank of America: Fed is not expected to cut interest rates before next year] July 16 news, Bank of America has observed improvements in the market environment in the recent quarter. CEO Moynihan stated in a conference call with analysts, "This has led our world-leading research team to continue predicting that the U.S. will not experience an economic recession, with the economy expected to rise moderately—around 1.5% growth by the end of the year, and the Fed will not cut interest rates before next year." Moynihan mentioned that individual and corporate clients are still continuing to spend, and clients are seeking certainty. He also added that the recently reached trade agreements and the passage of tax legislation are helping clients form clear expectations for the future and adjust their behavior accordingly.