Bank of America CEO: Consumers, Businesses Pulling Back on Spending

Brian Moynihan, CEO of Bank of America, said higher inflation and interest rates have dampened consumer and business spending this year.From hardware to software, both consumers and small to medium-sized businesses are pulling back on their purchases, Moynihan said at a New York financial conference, according to a Thursday (May 30) CNBC report.“Both of our customer bases that have a lot to do with how the American economy runs are saying, ‘You know what? I’m being careful, slowing things down,’” Moynihan s ...