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Inflation & Prices

BofA’s Moynihan Says Consumers Remain Resilient Amid Inflation

  • Americans still have the capacity to borrow, CEO says
  • Prospect of US recession appears further out, Moynihan says
Bloomberg business news
US January Consumer Prices Increase 0.5% M/M

US consumers are still in a position of strength despite persistent inflation and other economic headwinds, Bank of America Corp. Chief Executive Officer Brian Moynihan said. 

Americans continue to spend, though the rate of growth in spending is slowing, and they still have capacity to borrow, Moynihan said Tuesday at the BofA Securities Financial Services Conference. That stability is causing continued tension for the Federal Reserve, which has been boosting interest rates in an attempt to damp rising costs.