By Roshan Fernandez
Bank of America's chief executive, Brian Moynihan, said consumers are still spending despite polls that show people are worried about the economy.
"The economy is still growing and our consumers are still spending," Moynihan said on CNBC on Tuesday, after the bank reported an increase in quarterly profit and revenue.
Consumer sentiment plunged to one of the lowest levels in decades, a report showed Friday.
Moynihan said Bank of America's analysts are lowering growth forecasts and increasing expectations of a recession.
Moynihan said he will be worried about the trade war if it expands to include American services because that could affect the U.S.'s economic competitiveness. For now, President Trump's trade math excludes services. "We as a country should be highly interested in making sure that that stays the case," he said.
Go deeper on bank earnings and U.S. consumers:
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April 15, 2025 11:15 ET (15:15 GMT)
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