$Bank of America Corp(BAC-N)$. (NYSE:BAC) released better-than-expected quarterly results on Tuesday. CEO Brian Moynihan said trade tensions and tariff-related turbulence did not affect the company's performance or American consumers in the first quarter.
What To Know: In prepared remarks released with the bank's quarterly results, Moynihan said that both businesses and consumer clients are doing well in the face of uncertainty.
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"Our business clients have been performing well; and consumers have shown resilience, continuing to spend and maintaining healthy credit quality. Though we potentially face a changing economy in the future, we believe the disciplined investments we have made for high-quality growth, our diverse set of businesses, and the team’s relentless focus on responsible growth will remain a source of strength,” the CEO said.
Moynihan gave more insight into the mindset of small business owners on the earnings call with analysts.
"They're worried about how this will affect their businesses and where they should invest. And I think that's slowing down some of their decision paths right now because they're trying to figure out if my goods and services will be able to pass through the price," he said, adding that some are considering changing growth plans as well.
Overall, the CEO gave a picture of a strong economy currently weighed down by uncertainty surrounding the Trump administration's policies. He said business owners are generally calm, "they're making money, but they are worried about how all this works."
"The core question will be when all these different policies and stuff come together, in responses to policies by other trading partners to the tariff policies, by the policies on deregulation working for that the tax bill which comes out, all that will mix together and come to an outcome," Moynihan told analysts.
Later Tuesday morning in an interview with CNBC, Moynihan reiterated his comments on the resiliency of the U.S. consumer.
"Consumers are still spending money, despite the polls that say they are going to stop. They have not stopped yet," he said.
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