Bank of America CEO Says Consumer Spending Rose 6% in Q2, Sees Economy Growing at Least 2% in 2025

According to Axios, Bank of America CEO Brian Moynihan said at the Axios House News Shapers summit that consumer spending grew about 6% in the second quarter compared to last year, and he predicts the U.S. economy will grow by at least 2% this year. Moynihan noted an "affordability pain" but said consumers are still spending, citing Bank of America research showing brick-and-mortar spending at restaurants and bars in World Cup host cities rose 5.3% year-over-year in the three weeks ending June 27, versus 3.8% in the rest of the U.S. On the Federal Reserve, Moynihan said he expects continuity from Fed Chair Kevin Warsh, calling him a "traditionalist."