Brian Moynihan warns government shutdown risks slowing the economy—and urges policymakers to address fiscal concerns with a 'clear head'

Bank of America CEO Brian Moynihan (Credit: John Lamparski—Getty Images)

When the government shutdown began, the consensus was that it wouldn’t be too detrimental to the economy. Sure, certain datasets would be absent. And yes, there could be a mild downturn in consumer spending in a couple of regions owing to federal workers not being paid. But the economy would bounce back more broadly.

That certainty is now fading, with leading economic figures warning that the near-monthlong standoff is beginning to materially damage the prospects of America’s businesses and consumers.