Economy

U.S. consumer spending seeing a ‘mitigation’ in growth not a slowdown, says Bank of America CEO

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Bank of America CEO: Seeing a 'mitigation' of growth, not a slowdown

U.S. consumer spending is experiencing a “mitigation of growth” but not a slowdown, Bank of America CEO Brian Moynihan said Friday.

Interest rate hikes by the Federal Reserve are starting to be felt in the housing and auto markets, and renters will see their budgets squeezed as landlords pass on higher costs, he told CNBC’s “Squawk Box Europe.” But he stressed that consumer spending remains strong.

“If you raise rates and slow down the economy to fight inflation, the expectation is you have a slowdown in consumer spending. It hasn’t happened yet. So it could happen, but it hasn’t happened yet,” Moynihan said.

“You’re seeing a mitigation of the rate of growth, not a slowdown. Not negative…



Source cnbc.com

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