(CNN Business) Bank of America CEO Brian Moynihan says Americans are yet to spend 65%-70% of stimulus cash. Moynihan says consumer spending has jumped about 20% from 2019 levels to reach about $1 trillion this year.
Moynihan chief says people have started to spend more in areas that include restaurant dining, car rentals, and hotels due to the stimulus
With Bank of America projecting an economic growth of 7% this year and 5.5% next year, further spending of stimulus money is expected to spark inflation.
Moynihan cites further risks of worker shortages and constrained supply chains due to spending of stimulus money.
Washington has spent about $804 billion in direct stimulus payments to America’s low and middle-income families and individuals.
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