Brian Moynihan, chief executive of Bank of America Corporation, played down his views on the recession on Monday, saying the possibility of a recession was "overestimated".

In an interview with CNBC, Moynihan acknowledged that the Fed's aggressive rate hike would slow economic growth and increase the likelihood of a recession. However, he points out that few economists explicitly predict that the economy is about to contract.

"the likelihood of a recession is rising and investor panic is increasing, but the reality is that no one really thinks there will be a recession," Moynihan said. " Moynihan said the Fed's current fight against inflation is a "daunting task" and hinted that economic development in the next few years will largely depend on whether the Fed can strike a balance between controlling price increases and maintaining economic growth.

In addition, Moynihan added that the economy will continue to be supported by the consumer sector, with people still holding large amounts of money released by the government to stimulate the economy during the outbreak. "the fact that people are spending less has not happened yet. This may happen, but at least not yet. "

When talking about the impact of higher interest rates, Moynihan believes that higher wages can offset the impact of higher interest rates on the mortgage market. He pointed out that the current slowdown in mortgage lending comes from the refinancing market, not the primary financing market.