Bank of America CEO touts 'relatively strong' consumer strength despite inflation, recession woes
Consumer spending power making it 'tougher' for Federal Reserve to tackle inflation, Brian Moynihan says
Bank of America Chairman and CEO Brian Moynihan highlighted the 'relatively strong' state of the average American consumer and how that impacts the Federal Reserve's handling of inflation.
Bank of America Chairman and CEO Brian Moynihan touted the strength of the consumer Tuesday, citing July consumer data against rampant inflation and the recession. Moynihan joined "Mornings with Maria" to discuss how consumer strength impacts the Federal Reserve's handling of inflation as consumer prices continue to rise.
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BRIAN MOYNIHAN: So the Fed's toughest job is that the consumer is relatively strong at the work of the last administration, this administration to give consumers money to spackle over, to take care of the issues caused by the pandemic is it still in the accounts, and that's going to make the Fed's job tougher as we look for it. But right now, the consumer continues to have money in accounts, continues to spend, and also has the ability to borrow under lines of credit and things like that. And that's good news. Unfortunately, that makes the Fed's job very tough.
WATCH THE ENTIRE INTERVIEW FROM "MORNINGS WITH MARIA" BELOW:
Bank of America Chairman and CEO Brian Moynihan joined 'Mornings with Maria' to discuss how consumers are coping with the recession as inflation continues.