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EQUATOR BEVERAGE CO | 8-K: EQUATOR Beverage Company Reports Third Quarter Results.
Bank of America Corporation's poor loan and trading income in the second quarter, the share price fell.
Bank of America Corporation's loan business has performed poorly as consumers backed by the government's stimulus package are avoiding new loans. Loans and leases in the consumer banking division fell 12 per cent year-on-year, while net interest income in the previous quarter was $10.3 billion, below analysts' estimates of $10.5 billion, according to data released by the bank on Wednesday. While government aid programs during the outbreak helped large banks such as Bank of America Corporation avoid widespread defaults, it also means that many consumers and businesses do not need to get new loans or use credit lines. This trend, coupled with low interest rates designed to stimulate the economy, has been a drag on the core bank lending industry.
The Bank of Canada raises economic growth and inflation expectations and expects the output gap to disappear in the second half of 2022.
The Bank of Canada has raised its forecasts for economic output and inflation as a result of increased optimism about the economic recovery, but continues to predict that spare economic capacity will not be fully absorbed until the second half of next year. Central bank policy makers, led by Governor Tiff Macklem, released new economic forecasts on Wednesday, expecting a strong rebound in the second half of the year after a weaker-than-expected start to 2021, mainly due to a rebound in employment levels and households starting to spend the cash they have accumulated over the past year. However, the Bank of Canada maintained a considerable degree of caution in its forecasts, insisting that spare capacity in the economy would remain