Bank of America CEO says U.S. consumers and businesses have turned cautious on spending

Bank of America Chairman and CEO Brian Thomas Moynihan speaks during the U.S. Senate Banking, Housing and Urban Affairs Committee oversight hearing on Wall Street firms, on Capitol Hill in Washington, U.S., December 6, 2023.U.S. consumers and businesses alike have turned cautious on spending this year because of elevated inflation and interest rates, according to Bank of America CEO Brian Moynihan.Whether its households or small- to medium-sized businesses, Bank of America clients are slowing down the rate ...