High inflation and rising interest rates haven’t done much to weaken the health of the American consumer, Bank of America Chief Executive Brian Moynihan said Monday
Consumers are in good shape, Brian Moynihan says, but the bank socked away funds to prepare for a possible recessionHigh inflation and rising interest rates haven’t done much to weaken the health of the American consumer, Bank of America Corp. Chief Executive Brian Moynihan said Monday.
The company’s data show that spending growth remains strong in terms of both amounts and number of transactions. Americans are spending in particular on , which tend to be discretionary items. Deposit balances remain higher than prepandemic levels by multiple times and delinquencies remain low.
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