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Brian Moynihan, the CEO of Bank of America, has recently announced that he now predicts the chance of a recession occurring in 2021 has greatly decreased. This is a positive sign for the economy and for the millions of Americans who were worried about the potential impact of a recession.

Moynihan’s prediction comes after months of uncertain economic forecasts, as the world grapples with the effects of the COVID-19 pandemic. Early on in the crisis, many experts warned of a looming recession, with some predicting a downturn worse than the 2008 financial crisis. However, as the months have passed, the economy has weathered the storm better than anticipated.

What’s behind this sudden shift in Moynihan’s recession prediction? According to the CEO, the rollout of COVID-19 vaccines and the passage of a new stimulus package have given the economy a much-needed boost. In addition, many businesses have adapted to the challenges of the pandemic and found ways to keep their doors open and their employees working.

Of course, it’s important to note that the economy is still far from back to normal. Millions of Americans are still unemployed, small businesses continue to struggle, and the pandemic isn’t over yet. There’s always a chance that unforeseen events could derail the recovery and lead to a recession after all.

But for the time being, Moynihan’s message is a hopeful one. In an interview with CNBC, he stated that “the risk of a recession has moved out to the future.” He added that he believes the economy will continue to improve throughout 2021 and into 2022.

For everyday Americans, this news should be a relief. A recession could have devastating effects on jobs, wages, and overall quality of life. By avoiding a major downturn, the country has a better chance of returning to a sense of normalcy in the months and years ahead.

Of course, the battle isn’t won yet. Economic uncertainty will continue to be a pressing issue for business leaders and policymakers alike. But with leaders like Brian Moynihan expressing optimism and working to make positive changes, the nation’s economy has a brighter future ahead.