BofA CEO: Economy Powered by 'Durable' Consumer Spending
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- Brian Moynihan, CEO of Bank of America, said affordability pain is real but resilient consumers are still infusing money into the economy
- Moynihan made the remarks at the Axios House News Shapers summit in Washington, D.C., framing the U.S. economy as resting on a "remarkably durable foundation" that supports consumer spending
Why it matters: Moynihan's framing of the U.S. economy as built on a 'remarkably durable foundation' — even as he acknowledged real 'affordability pain' — delivers a major Wall Street CEO's split verdict on whether consumer strength can outlast inflation pressure, a read investors and policymakers will weigh against the affordability concerns he himself flagged.
