![]() ![]() ![]() More importantly, the spending levels in May for the first few weeks are up 10% last May, and that is not as high as it would otherwise be because last May people pay taxes so it actually it's a bigger base to grow from so year to date, they're up 17% fairly standard in May they're up 17%, the consumers continue to spend in the balances of our customers, they have more money in April, their balances grew up in March and March they grew over all the way back to mid last year. MOYNIHAN: Well, what we're seeing is, more importantly, the balances are balances continue to be stable and continue to grow year over year for the broad base of consumers. What are you seeing in the last couple of weeks in terms of at the bank, in terms of bank account balances, what are you seeing now? There seems to be, I hate to say it, a lot of pessimism, a lot of sense that inflation is not transitory and that this is going to be extended and prolonged. That's the only thing we should worry about. ![]() SORKIN: It's windy, it's windy and things may go down. It's a beautiful setting and you can hear the bells. Brian, it's nice to see you.īRIAN MOYNIHAN: It's good to see you, Andrew. But nonetheless, as we said, we've got Brian Moynihan in just a moment but we have so many others joining us but we have Brian on the set with us as we speak so why don't we get right to him and begin this conversation, get the mood of what's really happening here. President Zelenskyy kicked off the Davos session this morning, piping in from Ukraine this morning. Lots of concerns, of course, about inflation, about Ukraine, Russia, this news this morning that President commented on with Taiwan already making its way around. A little bit different than in the past, but I think we're gonna get some insights into what's going on in the economy around the globe. ĪNDREW ROSS SORKIN: Lots of folks making their way here. Following is the unofficial transcript of a CNBC interview with Bank of America Chairman & CEO Brian Moynihan on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today, Monday, May 23 rd for Davos 2022 in Davos, Switzerland. ![]()
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