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Affordability pain is real, but resilient consumers are still infusing money into the economy, Brian Moynihan, CEO of Bank of America, said at the Axios House News Shapers summit in Washington, D.C.
Why it matters: The U.S. economy sits on a remarkably durable foundation, supporting consumer spending even with hot inflation. But at the same time, Americans tell pollsters economic conditions is at rock bottom, fueling a political reckoning over affordability.
Driving the news: Two things can be true, Moynihan explained to Axios' Mike Allen.
