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☆ Even high-income Americans are shopping at discount retailers as economic outlook sours
  + stars: | 2024-06-03 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +7 min
The reason for that is mostly the American consumer, with spending accounting for about 70% of gross domestic product. On Thursday, Bank of America CEO Brian Moynihan said that his customers are slowing down the rate of their purchases. Consumer payments, as measured through credit cards, checks and ATM withdrawals, have grown by 3.5% since last year, he said. I’m being careful, slowing things down,’” Moynihan said, referring to both consumers and businesses, at a financial conference in New York. This survey shows that consumers feel just the opposite — optimistic about their own financial standing but not about the macroeconomic environment.
Persons: Brian Moynihan, ’ ” Moynihan, Bell, Peter Torrente, I’m, Elon Musk’s, Allison Morrow, “, — “, Glass Lewis, Tesla, Musk, Gary Millerchip, Richard Galanti, Read Organizations: CNN Business, Bell, New York CNN, Bank of America, KPMG, Federal Reserve, Elon, Services, Twitter, SpaceX, Costco Locations: New York, Europe, Texas, Delaware
☆ Bank of America CEO: Inflation could hit Fed’s 2% target by 2025
  + stars: | 2023-06-27 | by ( Elisabeth Buchwald | ) edition.cnn.com   time to read: +2 min
New York CNN —US inflation could hit the Federal Reserve’s 2% target in 2025, Bank of America CEO Brian Moynihan told CNN in an exclusive interview Tuesday. Already, consumers are cutting back on spending to a level that is consistent with 2% inflation, Moynihan said, citing Bank of America customer data. The mild recession, Moynihan said, would likely come “the first part of next year” and not the latter part of this year, which he previously predicted. He also said he believes the unemployment rate likely won’t exceed 5%. Last month’s jobs report showed the unemployment rate rose to 3.7%, despite impressive job gains.
Persons: Brian Moynihan, “, ” Moynihan, CNN’s Poppy Harlow, Moynihan Organizations: New, New York CNN, Bank of America, CNN Locations: New York, that’s
☆ Premarket stocks: Markets may be overly optimistic about the Fed
  + stars: | 2023-06-05 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
Economists say that could mean more rate hikes from the Federal Reserve are coming, but investors appear sanguine. That makes it more difficult for the data-dependent Federal Reserve to justify a pause to interest rate hikes at its June meeting. It has been very strange and certainly our own expectations were that the labor market would deteriorate more than it has. So you have a strong consumer and strong labor market essentially supporting each other for the time being. “That level is more consistent with a 2% growth economy and a 2% inflation economy, not a 4% inflation level economy,” Moynihan added.
Persons: CME’s FedWatch, Bell, Seema Shah, Powell, It’s, there’s, it’s, Brian Moynihan, “, ”, Moynihan, ” Moynihan, Brent, Mark Thompson, Michelle Toh, ” Prince Abdulaziz bin Salman Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Federal, Reserve, Asset Management, Fed, Bank of America, CBS, Reuters Locations: New York, United States, Europe, Asia, Americas, Saudi Arabia, OPEC, China, Saudi
☆ Bank of America CEO says the Fed’s biggest challenge is power of US consumer
  + stars: | 2023-06-04 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +2 min
The Fed’s biggest challenge remains “the power of the US consumer,” Moynihan said. Regarding predictions of a mild recession, Moynihan said the Fed’s tightening policies has “had its effects.” Consumer spending for Bank of America customers is slowing down year-to-date. “That level is more consistent with a 2% growth economy and a 2% inflation economy, not a 4% inflation level economy,” Moynihan said. Though Friday’s strong jobs report sends “some confusing and ambiguous messages,” the reality is consumer activity is aligning with the Fed’s goals, Moynihan said. The bank is not laying off, Moynihan said, but the attrition rate slowed and it needs to trim headcount.
Persons: Brian Moynihan, ” Moynihan, “, it’s, ”, Moynihan, – Organizations: New, New York CNN — Bank of America, CBS, Bank of America Locations: New York, United States
☆ Bank of America CEO: We're preparing for possible debt default
  + stars: | 2023-02-06 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +3 min
The CEO of Bank of America (BAC), America’s second-largest bank, told CNN he hopes lawmakers resolve their issues, because the market and economy love stability. “We have to be prepared for that, not only in this country but in other countries around the world,” Bank of America CEO Brian Moynihan told Poppy Harlow on “CNN This Morning” Monday. Yellen subsequently said there could be a “global financial crisis” if there is no debt limit agreement. Extremely low,” Moynihan told Harlow. He told Harlow that given China’s importance in the global supply chain, it’s in everyone’s interests to not have any economic tensions escalate.
☆ Bank of America CEO expects 'mild recession' and is preparing for worse
  + stars: | 2023-01-13 | by ( Jesse Pound | ) www.nbcnews.com   time to read: +1 min
Bank of America CEO Brian Moynihan said Friday that the bank is preparing for a potential recession in 2023, including a scenario where unemployment rises rapidly. “Our baseline scenario contemplates a mild recession. That pessimistic case, which is more negative than it was last quarter, calls for unemployment to rise to 5.5% early this year and remain at 5% or above through the end of 2024, Moynihan said. While the bank said net credit charge offs are still below pre-pandemic levels, outstanding balances on credit cards are up 14% year over year, and Moynihan said delinquencies are rising from their unusually low pandemic levels. Shares of Bank of America were up less than 1% on Friday.
☆ Bank of America CEO predicts two years of pain ahead in the housing market
  + stars: | 2022-11-29 | by ( Paul R. La Monica | ) edition.cnn.com   time to read: +2 min
New York CNN Business —The CEO of one of the nation’s largest banks is preparing for an economic downturn in 2023. But Moynihan told Harlow that the worst-case fears for the economy may not materialize — thanks to the continued resilience of American shoppers. Still, Moynihan is concerned that there could be more tough times ahead for the housing market. And the way you do that is raising interest rates,” Moynihan said. “The intended outcome of [the Fed’s] policies doesn’t feel good when you are trying to buy a home.”Moynihan told Harlow that there could be two years of pain in the housing market before activity returns to normal.
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