STOCKS | Bank of America CEO Says Consumer Spending Remains Resilient

Bank of America CEO Brian Moynihan said consumer spending and credit conditions remain healthy despite higher gasoline prices. According to Sina Finance, he said the bank’s data showed consumer spending in August was about 4% higher than the previous month, while last quarter’s increase was 5% and was still growing. Moynihan made the remarks as tensions between the United States and Iran escalated and energy prices rose from August to September. He also said Brent crude topped $100 a barrel on Wednesday for the first time since July. He said the bank has not seen any signs of concern so far and added that credit data are at their best level in years. Moynihan also said corporate borrowing, investment, and credit-line usage remain steady, while higher interest rates have raised borrowing costs, especially for small and medium-sized businesses that rely on short-term credit lines.