Bank of America’s CEO told investors Wednesday that American consumers kept spending through August despite gasoline prices climbing past $100 per barrel, offering one of the clearest signals yet that household budgets can withstand the recent energy spike.
Brian Moynihan said the bank’s transaction data shows customers spent 4% more in August than the same month last year. That’s down slightly from 5% growth last quarter but still reflects what he called “a strong growing economy” during his appearance on CNBC’s Mad Money.
Why Bank Data Matters More Than Headlines
Bank of America processes transactions for millions of American households, giving Moynihan a real-time view of consumer behavior that government reports can’t match. His assessment carries weight because the bank sees what people actually do with their money, not what they tell pollsters they might do.
Energy prices surged through late summer as U.S.-Iran tensions escalated, pushing Brent crude over $100 per barrel Wednesday. Economists typically warn that higher gas prices act as a tax on consumers, forcing families to cut back elsewhere. So far, Moynihan isn’t seeing it.
Credit Quality Holds Despite Record Balances
“Everything we see is fine,” Moynihan said, noting that “credit statistics are as good as they’ve been for years.” He dismissed concerns about Americans carrying record credit card balances, though he didn’t elaborate on why those high balances shouldn’t worry analysts.
The disconnect between rising debt levels and Moynihan’s optimism reflects a broader debate about consumer health. Credit card balances have climbed to all-time highs, but delinquency rates remain low — suggesting Americans are taking on more debt because they can, not because they’re desperate.
What Comes Next for Gas Prices
The test will come if oil prices stay elevated into fall and winter. A temporary spike is easier for households to absorb than sustained high prices that force permanent budget adjustments. Moynihan’s data shows consumers holding up now, but doesn’t guarantee they’ll keep spending if $100 oil becomes the norm rather than a brief surge.
Investors watch bank executives like Moynihan for early warning signs of economic trouble. His upbeat assessment suggests the economy entered September on solid footing, even as geopolitical uncertainty threatens to keep energy prices volatile through year-end.
Key Points
- Consumer spending grew 4% year-over-year in August despite oil topping $100 per barrel
- Bank of America CEO says credit quality remains strong despite record card balances
- Real-time banking data offers clearer economic picture than lagging government reports
https://www.cnbc.com/2026/09/09/bank-of-america-ceo-consumer-resilient-despite-rising-gas.html – September 10, 2026
