Bank of America CEO says latest spending and savings data show that the U.S. consumer is healthy
In this article BAC Follow your favorite stocks CREATE FREE ACCOUNT Pedestrians pass in front of a Bank of America branch in New York. Mark Kauzlarich | Bloomberg | Getty Images Consumers are financially resilient, despite high inflation and concerns the U.S. is nearing a recession, according to Bank of America CEO Brian Moynihan. "Analysts might wonder whether the talk of inflation, recession and other factors could [result] in a slower spending growth," Moynihan said Monday during a conference call to discuss third-quarter results that topped analysts' expectations. "We just don't see here at Bank of America." The bank's customers continue to spend freely, using their credit cards and other payment methods for 10% more transaction volumes in September and the first half of October than a year earlier, Moynihan said. While price inflation accounts for some of that, the number of transactions also rose 6%, he said. Customers' account balances r...