Bank of America CEO Says Consumers Keep Spending Despite Affordability Concerns

Americans are still spending on discretionary items, despite inflation, higher gas prices and the concern about affordability they share with researchers, Bank of America CEO Brian Moynihan told NBC News. “We watch what they do, not what they say,” Moynihan said in an interview, NBC News reported Sunday (June 14). He added, “they’re spending money and doing things.” Bank of America’s data shows that spending on credit and debit cards was up 5% year over year in May and that consumers are still s