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Bank of America: U.S. Economy Resilient Despite Inflation Risks

4/16/2026

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Summary

Story summary

Bank of America executives say the U.S. economy remains resilient amid market volatility and Iran war–driven inflation.
Brian Moynihan, CEO of Bank of America, says energy prices pushed 2026 inflation forecast to 3.5% from 2.8%.
Consumer spending remains strong, with debit and credit card use up 6% year over year.
Charlie Scharf, Chief Executive Officer of Wells Fargo, warns of spending cuts among lower-income households due to rising energy costs.

History

Historical Context

The Great Inflation of the late 1970s, driven by the 1973 oil crisis and subsequent energy price surges, saw U.S. inflation peak at 13.5% in 1980. Under Chairman Paul Volcker, the Federal Reserve raised interest rates to combat this inflation, impacting consumer spending. Today, rising energy prices echo these past challenges, highlighting ongoing inflationary pressures that shape fiscal policies and affect lower-income households.

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Story summary

Bank of America executives say the U.S. economy remains resilient amid market volatility and Iran war–driven inflation.
Brian Moynihan, CEO of Bank of America, says energy prices pushed 2026 inflation forecast to 3.5% from 2.8%.
Consumer spending remains strong, with debit and credit card use up 6% year over year.
Charlie Scharf, Chief Executive Officer of Wells Fargo, warns of spending cuts among lower-income households due to rising energy costs.

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