Transcript: Michael Gapen on "Face the Nation," Jan. 1, 2023

The following is a transcript of an interview with Bank of America chief economist Michael Gapen that aired on Sunday, Jan. 1, 2023, on "Face the Nation."

MARGARET BRENNAN: Good morning, Happy New Year and welcome to Face the Nation for this first day of 2023 we want to look forward, offering the outlook ahead on the economy, foreign policy and the environment. Taking advantage of at least one quiet Sunday here in Washington before the new Congress convenes later this week. We begin with a look at the domestic economic forecast and the chief economist for Bank of America, Michael Gapen he is here. Happy New Year to you and it's good to have you in person.