Bank of America CEO: Consumers Spend Despite Concerns

Despite widespread concerns about affordability due to inflation and rising gas prices, American consumers continue to spend on discretionary items. Bank of America CEO Brian Moynihan highlighted this trend, emphasizing that the company observes actual consumer behavior rather than just stated opinions. This suggests a resilience in consumer spending that could impact economic forecasts and the strategies of financial institutions. The ongoing spending patterns indicate that immediate affordability worries have not yet significantly curtailed purchasing habits, providing a mixed signal for the broader economic outlook.