Bank of America says prices normalizing may not happen soon in US: Fox News

WASHINGTON -- The Bank of America (BoA) does not see prices normalizing in the short term, the bank's senior officials have said recently.

The Bank's CEO Brian Moynihan and CFO Alastair Borthwick made the comments during an earnings call with investors, following its recent analysis which warned that the United States could soon be in a "recession shock," the Fox News reported on Monday.

In a note to clients on Friday, Michael Hartnett, BoA chief investment strategist wrote that "'Inflation shock' worsening, 'rates shock' just beginning, 'recession shock' coming," the article reported.