BofA CEO Moynihan Says U.S. Consumer Spending Is Slowing; Restaurant Spending Down To 3% YoY Growth From 17%; Fed Has 'Won The Battle' By Slowing Consumer Spending; 'Loan Growth Will Be Flattish This Quarter'; We'll Pay For Deposits When It Makes Sense To
Portfolio Pulse from Happy Mohamed
Bank of America CEO Brian Moynihan reports that US consumer spending is slowing, with restaurant spending down to 3% YoY growth from 17%. He also states that the Fed has 'won the battle' by slowing consumer spending and expects loan growth to be flat this quarter.
June 01, 2023 | 6:52 pm
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NEGATIVE IMPACT
Bank of America's loan growth may be flat this quarter due to slowing consumer spending, as reported by CEO Brian Moynihan.
Bank of America's loan growth is directly impacted by consumer spending trends. With the reported slowdown in spending, it is likely that the bank's loan growth will be flat this quarter, which may negatively affect its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Slowing consumer spending in the US, as reported by Bank of America CEO Brian Moynihan, may have a negative impact on the broader market.
Consumer spending is a key driver of economic growth and can influence the broader market. As Bank of America's CEO reports a slowdown in spending, this may have a negative impact on the overall market, potentially affecting the SPY ETF in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 60