Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon both agree that the U.S. economy is doing well and consumers are in good shape. inflation recession
Bank of America and JPMorgan Say US Economy Is Doing Well, Consumers Are in Good Shape Despite Inflation
Emphasizing that the Federal Reserve has to raise rates to slow down inflation and act against the spending forces of U.S. consumers, Moynihan was quoted as saying: “The consumers basically have more money in their accounts by multiples than they did pre-pandemic,” the Bank of America chief added. “They’re earning more money. Their credit quality is as high as it’s ever been. They have more excess capacity.”
He revealed that the bank’s customers continue to spend freely. Their transaction volumes increased 10% in September and the first half of October from the previous year while the number of transactions rose 6%. Moreover, the Bank of America executive said customers’ account balances are higher than before the Covid pandemic struck in early 2020, suggesting that they were in a good position to continue spending.The CEO of JPMorgan Chase & Co.
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