American consumers are in open revolt against corporate inflation, forcing companies to cut prices if they still want their business.
Speaking on Face the Nation on Sunday, Bank of America CEO Brian Moynihan warned that households continue to travel on vacation, go to the movies, and dine out, but they are no longer willing to splurge now that their nest egg is shrinking. The post-pandemic revenge spending that turbocharged U.S. growth over the past two years has given way to a nation of coupon clippers.
