Bank of America and JPMorgan Say US Economy Is Doing Well, Consumers Are in Good Shape Despite Inflation

Bank of America CEO Brian Moynihan and JPMorgan & Chase CEO Jamie Dimon some hold that the U.S. system is doing good and consumers are successful bully shape. “The consumers fundamentally person much wealth successful their accounts by multiples than they did pre-pandemic,” said the Bank of America chief.

Bank of America’s CEO: US Economy Is successful ‘Pretty Good Shape’

Bank of America CEO Brian Moynihan said astatine the Institute of International Finance (IIF) yearly rank gathering successful Washington, D.C., past week that the U.S. system is successful bully signifier contempt inflation, jittery markets, and planetary tensions, Bloomberg reported.

Emphasizing that the Federal Reserve has to rise rates to dilatory down ostentation and enactment against the spending forces of U.S. consumers, Moynihan was quoted arsenic saying:

The toughest situation for the Fed is really 1 of the champion things astir the U.S. system — is that it’s successful beauteous bully shape.

“The consumers fundamentally person much wealth successful their accounts by multiples than they did pre-pandemic,” the Bank of America main added. “They’re earning much money. Their recognition prime is arsenic precocious arsenic it’s ever been. They person much excess capacity.”

During a league telephone to sermon Bank of America’s third-quarter results Monday, Moynihan said: “Analysts mightiness wonderment whether the speech of inflation, recession, and different factors could [result] successful slower spending growth. We conscionable don’t spot [that] present astatine Bank of America.”

He revealed that the bank’s customers proceed to walk freely. Their transaction volumes accrued 10% successful September and the archetypal fractional of October from the erstwhile twelvemonth portion the fig of transactions roseate 6%. Moreover, the Bank of America enforcement said customers’ relationship balances are higher than earlier the Covid pandemic struck successful aboriginal 2020, suggesting that they were successful a bully presumption to proceed spending.

JPMorgan’s CEO: US Economy Is ‘Doing Well’

The CEO of JPMorgan Chase & Co., Jamie Dimon, besides believes that American consumers are successful bully signifier and the U.S. system is doing well.

In an interrogation with CNBC astatine the JPM Techstars league successful London past week, the JPMorgan enforcement said:

Currently, close now, the U.S. system is really inactive doing well. Consumers person money, they’re spending 10% much than past year, their equilibrium sheets are successful large shape.

Dimon added: “Yes, debts person gone up a small bit, but not adjacent pre-Covid levels. Therefore, adjacent if we spell into a recession, they’re going to beryllium successful overmuch amended signifier than successful 2008 and 2009. Companies are successful bully shape, recognition is precise good.”

Nonetheless, the JPMorgan CEO has warned astir an economic hurricane oregon something worse than a recession. He believes that a recession could deed the U.S. system successful six months and the banal marketplace could easy driblet different 20%.

Do you hold with Bank of America CEO Brian Moynihan and JPMorgan CEO Jamie Dimon astir consumers and the U.S. economy? Let america cognize successful the comments conception below.

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