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Bank of America CEO Brian Moynihan Sees Consumer Spending Holding Steady Amid Energy Inflation
Finance · Major Banks · cnbc · 2026-09-09
@LCO.1, BAC, @LCO26X
Bank of America CEO Brian Moynihan reports that consumer spending and credit quality remain robust despite rising energy costs and elevated interest rates.
What Happened
Consumer Spending Resilience: Bank of America CEO Brian Moynihan noted that consumer spending in August rose 4% year-over-year, signaling continued economic momentum. Despite concerns regarding rising gasoline prices and geopolitical tensions, the bank's internal data suggests that household activity remains consistent with a growing economy.
Credit Quality and Debt Levels: Moynihan dismissed concerns over record-high credit card balances, explaining that debt levels are proportional to the expansion of the broader economy. He emphasized that credit statistics are currently at their strongest levels in years, reflecting a healthy recovery back to historical trends.
Business Borrowing Environment: While higher interest rates have increased the cost of capital, Moynihan observed that businesses continue to actively utilize credit lines for investment. He acknowledged that small and midsize enterprises are feeling the most significant impact from borrowing costs, yet overall credit quality remains stable.
Economic Outlook and Data Insights: Investors rely on Bank of America’s proprietary transaction data as a near real-time barometer for the U.S. economy. Moynihan’s assessment provides a counter-narrative to fears that energy-driven inflation would immediately curtail consumer demand or trigger a widespread credit crisis.