Bank of America CEO’s Optimism Defies Economic Gloom

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.

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 travel and entertainment, which tend to be discretionary items. Deposit balances remain higher than prepandemic levels by multiple times and delinquencies remain low.

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