CHARLOTTE — The chief executive for the second-largest bank in the U.S. sounded largely optimistic about the nation’s economy in a wide-ranging interview this week with Fox News. Brian Moynihan, chairman and CEO of Charlotte-based Bank of America, talked with “Special Report” host Bret Baier about inflation, consumer spending, the labor market and more in the nearly 10-minute segment.
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Moynihan said that, while inflation has soared and consumers are spending more, their bank accounts are still looking healthy.
“If you look at the account balances for our customers, even those with below-median and median income … those account balances are still holding,” he said. “From the stimulus early in ‘21 all the way until now, they basically have held the balances and are multiples of where they were pre-pandemic.”
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Moynihan also touched on the Fed’s efforts to tame inflation and whether that lines up with White House initiatives such as student-loan forgiveness, the possibility of layoffs at BofA as well as the bank’s new lending programs designed to boost homeownership.
VIDEO: Inflation: What you need to know
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