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Fortune
Fortune
Eleanor Pringle

Brian Moynihan says consumers are in a ‘classic’ situation of worrying about money but continuing to spend

Brian Moynihan Bank of America BofA Inflation Economy GDP
Brian Moynihan, Chairman and CEO of Bank of America (Credit: Anna Moneymaker - Getty Images)
  • Despite consumer concerns about finances, spending remains strong, said Bank of America CEO Brian Moynihan. While tariff threats may slightly lower GDP forecasts, Bank of America expects steady 2% growth in 2025 and 2026, with consumers adapting their shopping habits to inflation. It comes as shoppers alter their spending habits to find the best deals amid rising grocery prices.

Brian Moynihan has some good news on the economy's outlook: While consumers might be saying they're worried about how much cash they have, they're continuing to spend.

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