Bank of America CEO Predicts Economic Slowdown, Plans Company Hiring Freeze

Bank of America CEO Brian Moynihan says the US needs to address its rising debt levels and that the Fed's rate hikes are slowing consumer spending.
Moynihan predicts the US will experience a mild recession in 2023 with unemployment rising to around 4%.
In response, Bank of America plans to halt most new hiring and rely on attrition to reduce staff levels.
The slowing economy and risk of recession have caused Bank of America and other lenders to tighten lending standards.
Moynihan believes eliminating the debt ceiling is a political decision but that the US must determine how much debt it can afford.