Bank of America CEO Details US Economic Outlook As 2026 Arrives
Bank of America chairman and CEO Brian Moynihan says America’s economic prospects are strong, although there are risks to watch out for.
In a new CBS News interview, Moynihan says as long as the employment levels remain high and workers continue to enjoy wage growth, the outlook for the US economy will remain positive.
“If the companies of America employ people and pay them a little bit more, they will spend. And the economy in the US will be fine.”
According to Moynihan, Bank of America has raised the US economy’s growth target due to the expected impact of tax cuts and business investments.
“And then you have these investments in the stimulus from the [One Big Beautiful Bill] tax act. You have the stimulus from some of the investments coming in that ought to keep kicking in.
And that’s why our team went from 1.5% probably four months ago to 2.4% for 2026 now.”
Moynihan, however, says the US faces several risks that could derail economic growth.
“The real question is, will the consumer keep spending in the US? We have the US economy growing about 2.4% next year. But that’s dependent upon the consumer staying engaged.
If the consumer becomes less engaged as we move from 2025 and 2026 and slows down their spending, that’s going to slow down the economy. So that’s a risk, you just don’t see it anywhere now.
The second risk is wars and other things that could go on, that could create shocks to the market. Then there’s the usual things, cyber events and things like that.”
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