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Bank of America Chief Financial Officer Alistair Borthwick said on a call with reporters Tuesday that the bank wasn’t forecasting a recession.

“Client concerns over trade policy and recent market turmoil have grown. Still, our research team at this point doesn’t believe we’ll see a recession, and our clients continue to show encouraging signs,” Borthwick said as the bank released first-quarter earnings.

“Employment is obviously healthy, and consumers have proven resilient.”

He added: “Our economists at this point have taken down some of the growth estimates, but they don’t see a recession at this point.”

Borthwick said clients are “looking for clarification” on the U.S. tax proposals, regulatory changes, and trade policy.

Views across Wall Street and in Washington diverge on whether the U.S. will slide into an economic recession.

Last week, JPMorgan Chase CEO Jamie Dimon said a recession was a “likely outcome” from the turbulence prompted by President Donald Trump’s changing trade policies, while BlackRock CEO Larry Fink said that CEOs he speaks with believe the economy is in a recession already.

On Monday, Kevin Hassett, director of the administration’s National Economic Council, said that he was not expecting a recession.