BofA CEO: Economic Growth 'Better Than People Think'
Bank of America CEO Brian Moynihan said Wednesday despite recent surveys showing consumer confidence eroding, Americans are continuing to spend, the U.S. economy is strong, and growth will be solid, albeit slower, this year.
Although surveys indicate the public is increasingly worried about inflation and tariffs, Moynihan told CNBC, consumers are still spending fairly abundantly. However, most of their purchases are shifting from goods and into services.
“We’re in this classic moment where the consumer is saying, ‘I’m getting more pessimistic,’ in some of the surveys,” Moynihan said in the “Squawk Box” interview.
“But if you actually look what they’re doing day to day, they continue to spend, which means the economy ought to be holding up better than people think.”