Bank of America CEO says consumer is in Good State.

By The Exchange Team

Bank of America CEO Brian Moynihan says consumers are strong despite high inflation and recession fears.

Moynihan warned Monday in a conference call that inflation, recession, and other factors may impede spending growth.

He was discussing third-quarter numbers that surpassed forecasts. He said, "We don't see that at Bank of America."

Moynihan said the bank's clients spent 10% more in September and the first half of October than a year earlier using credit cards and other payment methods.

While price inflation accounts for some of that, the number of transactions also rose 6%, he said.

Customers' account balances are higher than before the coronavirus outbreak in early 2020, Moynihan added, signalling they can spend.

According to a Bank of America data, the smallest balances were five times larger than before the outbreak.