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Bank of America's CEO Brian Moynihan discusses the economy adjusting to higher rates, highlighting the strength of the banking system. The bank predicts 2%+ growth this quarter and reports a strong start in trading. Moynihan also emphasizes the resiliency of the US consumer and economy, cautioning the Federal Reserve about the current tension. Despite challenges, BofA remains bullish on the US consumer, noting consumption trends defying expectations amid rising borrowing costs and inflation.
Bank of America CEO Brian Moynihan warns Jerome Powell: Be "mindful" of relying on consumers to prop up the economy, because they're beginning to burn out. https://t.co/WWRtuIyi0y
"We still see more reasons to be bullish than bearish on the U.S. consumer," Bank of America, $BAC, has said. "Trends in consumption have slowed but defied expectations of collapse from rising borrowing costs and inflation."
BofA sets a bullish tone, defying any doomsayers ahead of the Fed https://t.co/30FMDKU1WP