U.S. consumers in 'pretty good shape'- BofA CEO

STORY: "The consumers are spending, their wages are growing and frankly, there's still a lot of stimulus... Social Security payments are going up at a high rate," Moynihan said.

"Things like that are going to add more fuel that they can use to spend," he added.

The U.S. economy could also enter into a mild recession later this year or next year, he said, adding that for the rest of the world, the bank has predicted growth.