From Yahoo Finance: 2025-03-27 17:34:00

Bank of America CEO Brian Moynihan discussed President Trump’s new auto import levies, consumer reactions to tariffs, and the bank’s interest rate expectations. The new measure includes a 25% tariff on imported vehicles and parts. Bank of America analysts predict higher car prices and slower vehicle purchases. The tariff is set to take effect early next week, impacting the economy and inflation. Moynihan believes that consumer spending remains steady, with positive trends in food, restaurants, and entertainment. The bank’s credit quality for consumers is good, especially for prime customers. Unemployment rates and wage growth continue to support consumer confidence and spending. Small and medium-sized businesses are cautious about borrowing and spending due to tariff uncertainty. Moynihan expects these customers to remain on the sidelines until more clarity is available.



Read more at Yahoo Finance: Bank of America CEO Brian Moynihan expects no interest rate cuts this year