Flush With Stimulus Cash, Consumers Are Spending More: BofA CEO
- Spending by the bank’s customers up 20% from 2019: Moynihan
- Key economic risks are supply chain, labor shortages, he warns
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Bank of America Corp. Chief Executive Officer Brian Moynihan said consumer spending has surged amid the reopening, much of it fueled by leftover stimulus money.
“Our consumers have lots of money in their checking accounts,” Moynihan said Sunday on CBS’s “Face the Nation.” “They have not spent about 65% to 75% of the last couple rounds of stimulus.”