What Bank of America's CEO Says About Inflation and Consumer Spending -- And Why You Should Care
Experts across industries can give investors a good idea of where the economy's heading. In an interview with CNBC this week, Bank of America (NYSE: BAC) CEO Brian Moynihan discussed what he's seeing through the lens of one of the biggest banks in America. Moynihan pointed out a shift in consumer spending trends that could help relieve inflationary pressures in some parts of the economy -- but expressed concerns about one factor that could keep inflation elevated going forward.
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As CEO of Bank of America, Moynihanis in a position where he can get a feel for consumer's outlook by studying their banking activity. Moynihan noted that consumers' bank account balances remain stable -- growing from last year for the broad base of customers.
Source Fool.com