BofA’s Moynihan Says Consumers Still Strong Even With High Rates
Brian Moynihan during a Bloomberg Television interview in Versailles.
Photographer: Cyril Marcilhacy/BloombergThis article is for subscribers only.
Bank of America Corp. Chief Executive Officer Brian Moynihan said US consumers, helped by wage growth, remain in good shape even amid elevated interest rates, and that businesses are once again looking at mergers and acquisitions.
Consumer spending has climbed 3% to 4% in May from a year ago, Moynihan said Monday. That increase is consistent with a slower-growth, lower-inflation environment, but still a positive for the US economy, with people continuing to spend more, he said.