Bank of America CEO says U.S. consumers and businesses have turned cautious on spending
Publishing timestamp: 2024-05-30 15:31:31
Summary
Bank of America clients are slowing down their rate of purchases, both households and small- to medium-sized businesses, due to elevated inflation and interest rates. Consumer spending has grown about 3.5% this year, a sharp slowdown from nearly 10% growth rate seen in May 2023. Bank CEO Brian Moynihan believes inflation will take until the end of next year to get under control and that the Fed will begin cutting interest rates later this year.
Sentiment: NEUTRAL
Keywords: breakingnewsglobal, business news, economy, investment strategy, jpmorgan drn, brian moynihan, bank of america corp, united states, breaking news: markets, prices, banks, inflation, business, breaking news: investing, breaking news: economy,
Source: https://www.cnbc.com/2024/05/30/bank-of-america-ceo-consumer-spending.html