Consumers won't stop spending, claims Bank of America chief

Inflation, a potential recession and increasing gas prices aren't slowing down consumer spend, according to Bank of America CEO Brian Moynihan.

In fact, the CEO claims nothing will slow down U.S. consumer spend, according to a CNBC report.

"Consumers are in good shape, not overleveraged," Moynihan told Bloomberg Television while attending the WEF conference in Davos, Switzerland.

He's basing that on the fact that his bank's customers have checking and savings accounts that are healthier than before the COVID-19 pandemic, and are spending 10% more this month compared to a year ago in May.

"What's going to slow them down? Nothing right now," Moynihan told Bloomberg.

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