Economics
U.S. Consumers Are Holding Up Well as Rates Rise, Bank of America’s Moynihan Says
- Bank sees strength in consumer spending and housing market
- ‘There is a lot of dry powder on the consumer side,’ CEO says
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The U.S. consumer is holding up well as inflation rises and interest rates climb, Bank of America Corp. Chief Executive Officer Brian Moynihan said.
“There is a lot of dry powder on the consumer side,” Moynihan said in a Bloomberg TV interview with David Westin Wednesday. Account balances are rising and consumers are spending more as they “engage in the economy,” he said.