Bank of America CEO Brian Moynihan just delivered a message that sounds contradictory on its surface: yes, Americans are struggling with affordability, and yes, the economy is doing just fine. Both things can apparently be true at the same time.
Speaking at the Axios House News Shapers summit in Washington, D.C. on July 15, Moynihan pointed to consumer spending growth of approximately 6% in Q2 2026 compared to the same period last year.
The numbers behind the optimism
Bank of America’s Q2 2026 earnings report: net income hit $9.1 billion for the quarter, a 27% jump year-over-year. Revenue came in at $31.6 billion, up 15% from the same period in 2025. Earnings per share landed at $1.21, which represents a 34% increase compared to a year ago.
Moynihan projects US GDP growth of at least 2% for the full year, driven by what he sees as a consumer base that keeps opening wallets regardless of what they tell pollsters about the state of the economy. He’s been making a deliberate distinction between consumer sentiment, which remains grim, and consumer action, which tells a completely different story.
