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BofA Enjoys 22% NII Boost, Debit Card Spend Hits Record High
Bank of America delivered a characteristically "meh" set of results on Monday.
Revenue of $22.7 bil
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“I doubt Americans are eating 27% more this year than they were in 2019.” – This is a critical point. Consumer “resilience” will be tested in the coming months as current spending rates appear to be unsustainable to this average bear. Personal debt levels will grow, leading to higher credit card and loan defaults unless the Fed dials back QT in short order. Much like us humans not understanding we are the literal frogs in a slowly boiling pot of water we call planet Earth, the big banks will continue to choose to be oblivious to the challenges consumers will face as it relates to cost pressures. Something has got to give…
Can we put the frog metaphor to bed?
If you put a frog in boiling water you will most likely kill it, while if you slowly warm the water they will look to escape before it gets dangerously hot.