© Reuters. FILE PHOTO: Bank of America Chairman and CEO Brian Moynihan testifies before a Senate Banking, Housing, and Urban Affairs hearing on “Annual Oversight of the Nation’s Largest Banks”, on Capitol Hill in Washington, U.S., September 22, 2022. REUTERS/Evelyn
NEW YORK (Reuters) – Bank of America Corp (NYSE:) Chief Executive Officer Brian Moynihan said U.S. consumers are still in good financial health.
“Right now, they’re in very good shape,” Moynihan told attendees at an Institute of International Finance conference in Washington.
He cited high savings rates, strong credit quality, and a 10% increase in consumer spending so far in October.
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