“The US Economy Starting to Come Out of the Hole”


Bank of America (NYSE:BAC) CEO Brian Moynihan says he thinks the US economy is beginning to recover from shutdowns tied to the C-19 coronavirus chaos.

Mr. Moynihan cited consumer spending figures from the millions of households using his lender’s credit and debit cards: While transactions collapsed by about 30% in April, it was down by only 5% in May.

Mr. Moynihan said, “You are seeing us come out of the depths of where we were in April, and that’s good news.”

The S&P 500 is up about 38% from the marked on 23 March as a restart in business activity after weeks of shutdown and massive amounts of stimulus measures to support the economy have driven hopes of a strong recovery.

Now, because of the reopening of the economy, I see that investors are feeling more optimistic that we will end up with a V-shaped economic recovery.

Meanwhile, Dallas Federal Reserve Bank President Robert Kaplan is in agreement with CEO Moynihan and me.

Have a healthy weekend, Keep the Faith!