Back in July, Bank of America hired Michael Gapen as its chief U.S. economist, and the former Barclays exec began his tenure with a gutsy call, arguing a “mild recession” would hit the U.S. by the end of the year. Before Gapen’s hiring, Bank of America’s economists had refrained from using the R-word, even if many of their peers weren’t so shy. But Gapen highlighted weaker-than-expected services spending, fading fiscal support, persistent inflation, and rising interest rates as his evidence for a more bearish outlook. On Friday, however, Gapen and his team of economists said the situation has changed over...