Bank of America CEO Brian Moynihan said the American consumer remains resilient and continues to spend despite inflation and affordability concerns [1].
This assessment comes as policymakers and economists monitor whether high costs of living will eventually trigger a significant contraction in household spending. The resilience of the consumer is a primary driver of the broader U.S. economy, influencing everything from corporate earnings to national GDP growth.
Speaking June 3, 2026, at the Forbes Iconoclast Summit, Moynihan said this stability is due to several key factors [2]. He said that strong employment levels and steady spending habits have allowed consumers to weather economic strains [1]. Moynihan said consumer adaptability has played a role in maintaining this momentum [1].
However, the outlook contains caveats regarding the sustainability of this trend. While the CEO highlighted current strength, other reports from the event indicated a warning about future sentiment [3]. Moynihan said consumers could become discouraged if interest rates do not drop soon [3].
This tension suggests a precarious balance between current spending power and the long-term pressure of borrowing costs. The ability of the consumer to adapt may have limits if the cost of credit remains elevated for an extended period, a factor that could shift the current resilience toward a more cautious economic posture [3].
“The American consumer remains resilient, continuing to spend despite inflation.”
Moynihan's comments reflect a duality in the current economic climate where strong labor markets provide a buffer against inflation, but high interest rates create a looming psychological and financial ceiling for consumers. If spending holds steady, the economy may avoid a sharp downturn, but a failure to lower rates could eventually erode the adaptability Moynihan described.
