BofA's Moynihan: 'A Lot of Dry Powder' on Consumer Side

The video discusses concerns about a potential recession, highlighting the constant worry among economists and financial managers. It addresses global issues like the war in Ukraine and inflation in the U.S., which impact the economy. The supply chain's ongoing challenges are noted, along with consumer behavior, which shows increased spending despite these concerns. Consumers are spending more on travel and entertainment, and their financial health has improved post-pandemic, with higher average account balances and reduced credit card debt. This indicates a strong economic activity level and available consumer funds.

What are some of the major concerns affecting the global economy as discussed in the video?

• The rise of cryptocurrency

• The war in Ukraine and its impact on Europe

• The growth of the tech industry

• The decline in global tourism

In March and April, how did consumer spending change compared to the previous year?

• It remained the same

• It decreased by 10%

• It increased by 5% in both months

• It increased by 13% in March and 18% in April

Which areas have seen increased consumer spending according to the video?

• Real estate and construction

• Travel, entertainment, and restaurants

• Technology and gadgets

• Healthcare and education

How have average consumer account balances changed since the pandemic?

• They have fluctuated without a clear trend

• They have decreased significantly

• They have remained stable

• They have increased, with some balances more than doubling

What does the video suggest about consumer borrowing trends?

• Credit card balances are still significantly lower than pre-pandemic levels

• Consumers are borrowing more than ever

• There is no change in borrowing trends

• Consumers are relying heavily on loans