Bank of America CEO Brian Moynihan was on CNBC today and said that the weak consumer confidence data hasn’t resulted in slower spending.
“We’re in this classic moment … where the consumer is saying, ‘I’m getting more pessimistic,’ in some of the surveys and things like that,” he said during an interview earlier today. “But if you actually look what they’re doing day to day, they continue to spend, which means the economy ought to be holding up better than people think.”
He didn’t qualify exactly what data he was looking at but presumably he’s talking about internal data, which Bank of America has in spades.