Bank of America Downgrade US GDP for Q1 of 2022

Bank of America in a report to a client downgraded it GDP forecast for the first quarter of 2022 to 1% Y-O-Y from a prior estimate of 4%. The downgrade came in because of the disruption caused by the Omicron variant of coronavirus.

The Atlanta Federal Reserve's forecasting model predict a GDP growth of only 0.1% for the first quarter of 2022, which shows a significant decline from 6.9% Y-O-Y growth in the last quarter of 2021.

For the whole financial year 2022, Bank of America expects an economic growth of 3.6%, which is less than its prior estimate of 4%.

Source: 'Significant' risk of the US economy shrinking this quarter, BFA warns—CNN

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