U.S. economic growth remains on solid footing heading into 2026, but the outlook hinges on whether American consumers continue to spend, Bank of America Chairman and CEO Brian Moynihan said in a recent interview.
“At the end of the day, people are spending. They have good credit quality. They are employed … it’s pretty solid right now,” Moynihan said on “Face the Nation” with Margaret Brennan on Dec. 28, in response to a question about whether a recent dip in consumer sentiment was translating into a spending pullback.
Despite some surveys showing that many Americans remain uneasy about affordability, hard data point to steady spending. Moynihan revealed that Bank of America’s internal transaction data show that consumer spending rose by more than 4 percent year over year during the Thanksgiving-to-early-December period….