BofA CEO Sees Convergence in Higher- and Lower-Income Spending -- Market Talk
Dow Jones2026/08/05 14:311031 ET - Bank of America CEO Brian Moynihan is sticking with his research team's call that the Fed will raise rates three times in September, October and December. "They really are saying that the labor market is in very good condition and so you have to work on the inflation side and make sure that it keeps going down," he says on CNBC. He adds that, right now, Bank of America's forecast for three rate rises should get the Fed in a place where FOMC members feel inflation is tamed. Moynihan also says he's seeing more convergence in the spending patterns of higher and lower income customers. "That's very good," he says. (patrick.sheridan@wsj.com)
(END) Dow Jones Newswires
August 05, 2026 10:31 ET (14:31 GMT)
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