US Consumers Are Holding Up Well Against Inflation, BofA’s Moynihan Says

Consumers in the US are holding up well against inflation, increasing their spending and paying down their credit-card balances, Bank of America Corp. Chief Executive Officer Brian Moynihan said.

Account balances are “multiples” higher than they were before the pandemic, Moynihan said in a Bloomberg TV interview at the World Economic Forum in Davos, Switzerland, Tuesday.