By Andrew Keshner
The bank results come a day after December inflation data showed more signs of easing
Friday’s wave of big-bank earnings gives an important glimpse into Americans’ finances amid high prices, rising interest rates and recession worries. At first glance, most consumers appear to be keeping their heads above water.
A day after December inflation data showed price increases coming off the boil — but still high — fourth-quarter earnings showed some signs of consumer slowdown and strain, but not a wallet that’s coming apart at the seams.
Case in point: Bank of America’s (BAC) consumer-deposit balances are showing “strong liquidity.” The bank’s consumer customers spent $4.2 trillion in aggregate last year, a 10% year over year increase, he noted, according to a FactSet transcript.
But there are tentative signs of a weakening economy: these balances are “drifting down,” CEO Brian Moynihan said on…
