Posted 10/18/2023, 10:56:05 AM
Bank of America CEO: Consumers Reaching 'Point of Pain' as Spending Growth Slows Sharply Amid High Inflation
- Bank of America CEO says consumers have reached "point of pain" where spending is slowing significantly
- Growth in consumer spending has dropped from 10% last year to 4.5% now, indicating economic slowdown
- Lower-income households are being impacted more as excess pandemic savings deplete
- Inflation has come down to 3.7% which was a key Fed goal, though uncertainties like Middle East tensions remain
- Some economists see signs of "year-end rally" and potential for a good 2024 as inflation seems "well-behaved"
