Go to Article
Excerpt from www.pymnts.com
Bank of America’s CEO says consumer spending is still healthy despite steep interest rates.
Spending has risen between 3% and 4% this month compared to a year ago, Brian Moynihan said in an interview with Bloomberg News Monday (May 13).
He added that uptick is indicative of a slower-growth, lower-inflation landscape, but still a bright spot for the American economy, as people keep spending more.
“It shows you the resilience of the American consumer,” Moynihan said during a summit on French business in Versailles. “There’s a thousand things that could go wrong tomorrow, but right now everything is in pretty good shape.”
About The Author
