Bank of America CEO Brian Moynihan said although he is relieved lawmakers reached a resolution for the debt ceiling, it is 'not good for the United States to go through this.'
NEW YORK — Bank of America CEO Brian Moynihan said although he is relievedfor the debt ceiling, it is "not good for the United States to go through this."
"That level is more consistent with a 2% growth economy and a 2% inflation economy, not a 4% inflation level economy," Moynihan said. Other factors, such as bank failures, Treasury funding and the wider environment have slowed the economy down, he said.Despite credit tightening up, Moynihan said Bank of America does not "really change lending standards that much given different types of cycle," but that "consumer credit quality in our industry is very strong."
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