Home 2020 “The US Economy Starting to Come Out of the Hole”

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

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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!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.