CHARLOTTE — The CEOs of two of Charlotte’s biggest companies predicted a soft landing for the U.S. economy next year.
They addressed hundreds of businessmen and women Tuesday at the Charlotte Regional Business Alliance’s Annual Outlook Conference.
The U.S. economy may not see a recession after all, according to Lowe’s CEO Marvin Ellison and Bank of America CEO Brian Moynihan.
The Federal Reserve’s interest rate increases have slowed consumer spending, Moynihan said.
Those high rates are why people are staying and investing in their own homes, Ellison said. He added that Charlotte’s economy is resilient.
The CEOs agreed that private and public leaders in Charlotte should continue investing in infrastructure, education, and talent.
Kieth Cockrell, president of Bank of America Charlotte, said that is something it will continue to do.
“And that’s why you see the huge investment in (Charlotte-Mecklenburg Schools), and the warm embrace that we’ve received,” Cockrell said. “We’re still in the fight for talent, so how do we attract and retain talent?”
BofA expects the Federal Reserve to start cutting interest rates next year and even more in 2025.
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