Yahoo Finance
Economic resilience is probably something most Americans would welcome.
We're seeing that consumer spending is still growing, wage gains haven't gone away, and corporate dealmaking is showing fresh momentum.
Those trends point to a country that is successfully blowing past the recentinflationshock.
However, in an exclusive interview withCBS News' "Face the Nation,"Bank of America CEO Brian Moynihan sees something more troubling beneath the surface.
The economy is arguably holding its own, but the relief households expected hasn't followed.
Food, housing, and fuel costs remain painful, while the strongest spending growth continues to come from consumers with the greatest financial cushions.
For investors and households, the next phase could look very different from thesoft landingmany had anticipated.
Economic growth isn't disappearing, but interestingly, that relentless pace of expansion might compel an economic response few people are prepared for.
Moynihan's big concern is that inflation will likely remain sticky enough to prevent the relief everyone is expecting.
"It's drifting down, and it's drifting down slower than people would like it," he said, pointing to continued pressure from housing, food, fuel, and other essential costs.
The problem extends beyond prices at the pump.
Cooler inflation delivers big win for Fed interest-rate bets Fed's Waller issues stark warning on inflation, interest rates Goldman hints at Fed's next interest-rate bet under Warsh Moynihan said businesses are worried about "the cost of goods that's coming through the pipeline," as higher energy costs feed into plastics, materials, manufacturing, and transportation.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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