The CEO of the Bank of America says

Bank of America CEO Brian Mainihan said on Wednesday that consumers continue to waste and economic growth should be solid, albeit slower this year.

Despite the surveys that indicate this Confidence is on nearly three -year minimum Against the background of increased inflation hassle, Minihan said CNBC that the cost of data shows that consumers are still firing money, although they depart from goods and services.

“We are in this classic moments … where the consumer says,” I become more pessimistic, “some polls and similar things,” he said duringBox for Squawk“Interview.” But if you actually see what they do day by day, they continue to spend, which means that the economy should delay better than people think. “

In terms of numbers, this means that this year’s growth of gross domestic product has approaching 2% of recent trends closer to 3%, according to the head of the banks. Some of the slows will proceed President Donald Trump’s tariffsWhich is estimated by Moynihan, to cut about 0.4 percentage from growth in the near future before the economy is set up.

However, he called the growth of trends by 2%. “This is what we all tried to reach 10 or 15 years after the financial crisis.”

“We see that the consumer continues to be solid, and it should be good for the economy,” Mainihan added. “There are a lot of questions and I think it will deal with. But now we are not talking about what it can happen, we are talking about what is happening. The consumer continues to spend pretty much this year.”

The interview happened on the same day as u Federal Reserve System will issue its last solution at interest rates. The markets are practically not the chances of reducing the meeting, and Mainihan supported the bank’s call that not only would the Central Bank not move on Wednesday, but will also be held until 2026.

“I think, although the Fed will be a little cautious about the sharp, not knowing what the influence of the tariffs will be,” he said. “It would seem that they may want to hold on to the firing fashion they have created over the last year or so. They should not be premature to try to increase the economy when it grows by 2%.”

Mainihan added that it would be better to maintain a “real interest rate”, which was closer to 3%than almost zero, which was common as a result of the financial crisis in the pandemia.