American consumers are still in “pretty good shape” despite the Federal Reserve setting interest rates to their highest levels in decades to tame inflation, Bank of America Chief Executive Brian Moynihan said at the World Economic Forum’s annual meeting.
“So it (growth) is solid. And that consumer spending, it goes back to the question of why the U.S. in pretty good shape,” Moynihan told Reuters at the Davos, Switzerland, event. “It’s a consumer-led consumption economy. The consumers are spending, their wages are growing and frankly, there’s still a lot of stimulus in accounts and there’s more ... Social Security payments are going up at a high rate, things like that that are going to add more fuel that they can use to spend.”
