BofA Observes Consumer Resilience Despite High Gas Prices

Bank of America noted consumer resilience at its latest consumer checkpoint, even amid elevated gasoline prices. Holly O’Neill, President of Consumer, Retail, and Preferred Banking, shared details from the firm’s most recent consumer analysis. The analysis revealed that, despite fluctuations in consumer spending, credit card debt has not risen and spending habits remain steady. According to Bloomberg, BofA’s consumer data indicate that consumer confidence remains high even during periods of economic uncertainty. This is not investment advice.