From CNBC: 2024-05-30 14:58:29

Bank of America CEO Brian Moynihan reports a slowdown in consumer and business spending due to inflation and interest rates. Consumer spending has decreased significantly from a nearly 10% growth rate in May 2023. Economists believe the Federal Reserve’s efforts to tame inflation are on track, despite higher prices impacting consumers and businesses.
Moynihan notes that consumers are adjusting to higher prices by seeking deals at multiple grocery stores. Spending growth is being supported by travel and entertainment, while other categories, such as rent payments, have slowed. The CEO stresses the importance of keeping consumers engaged to support the U.S. economy and expects inflation to be controlled by the end of next year.

Read more: Consumers, businesses have turned cautious