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BofA’s Moynihan Says Inflation Staying But Consumers Will Spend

  • ‘Inflation is clearly not temporary,’ the chief executive says
  • He joins other finance leaders expressing inflation concerns
Bloomberg business news
WATCH: Bank of America CEO Brian Moynihan says “inflation is clearly not temporary.”(Source: Bloomberg)

Bank of America Corp. Chief Executive Officer Brian Moynihan joined fellow finance-industry leaders as Morgan Stanley CEO James Gorman and Goldman Sachs Group Inc.’s John Waldron in predicting that inflation will stick around.

“Inflation is clearly not temporary,” Moynihan said in an interview Thursday on Bloomberg Television. “The Fed is starting to indicate it’s time for them to move” as the path out of the Covid-19 pandemic “is more assured,” he said.