Bank of America CEO Brian Moynihan talks consumer spending, supply chain crisis and Fed rate hike
CBSN
As CEO of Bank of America since 2010, Brian Moynihan has been largely credited with rebuilding the bank after the Great Recession and financial crisis.
Moynihan points to the continued strength of consumer spending despite four-decade-high inflation and worries about the economy and the pandemic. Spending on the bank's credit and debit cards in January was up 17% from a year earlier. That's despite January typically being a slower month after the frenzy of the holiday shopping season.
Moynihan spoke with the Associated Press about the data, as well as his thoughts on inflation and the Federal Reserve's coming interest rate hikes. The interview has been edited for clarity and length.
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