Bank of America CEO on difference between U.S. economy shrinking or just slowing

If you raise rates and slow down the economy to fight inflation, the expectation is you have a slowdown in consumer spending. It hasn’t happened yet. So it could happen, but it hasn’t happened yet. You’re seeing a mitigation of the rate of growth, not a slowdown. Not negative growth.

This quote from Bank of America CEO Brian Moynihan is a critical nuance on the economy circa late-October 2022.

___
Reference:

– U.S. consumer spending seeing a ‘mitigation’ in growth not a slowdown, says Bank of America CEO

WHAT DID WE MISS? COMMENT BELOW. Cancel reply

All comments reviewed before publishing.