BofA's Moynihan: Consumer Spending Slowing, Still Strong

The video discusses the resilience of the American consumer, highlighting a 10% increase in spending compared to last year. Despite inflationary pressures and interest rates, consumer spending remains strong. Account balances are stable, and credit quality is high, with delinquencies lower than pre-pandemic levels. This resilience poses challenges for the Federal Reserve as it attempts to slow down consumer spending.

What was the percentage increase in consumer spending for the third quarter compared to last year's third quarter?

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What factors are contributing to the inflationary pressures mentioned in the text?

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How did consumer account balances in September compare to those in August?

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What is the current state of credit quality for consumers according to the text?

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How does the resilience of the American consumer affect the Federal Reserve's job?

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