Bank of America Chairman and CEO Brian Moynihan says consumers are spending “at a faster rate” but that he is still concerned about rising inflation and supply-chain issues affecting the economy this winter. Moynihan told the Associated Press he sees robust consumer spending driving economic growth in the coming year, but said the recent decline in consumer sentiment due to increasingly higher prices and lack of certain goods are adding to Americans’ frustration this holiday season. Americans are facing price increases in essential categories such as food, energy, and housing. “(The consumer) is earning more money, but now they are worried that these costs are going to go up faster than their wages,” says Moynihan. “Also, frankly, the constant ebb and flow of this virus weighs on people’s minds over time.” “The U.S. consumer is spending money a lot of money, spending at a faster rate than I have ever seen, and I’ve …
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