4th Stimulus Check Summary 8th June 2022

Brian Moynihan, CEO of Bank of America, has unique insight into the economy. He's hopeful.

In an interview Moynihan said consumer spending is up 20% over 2019 levels. Customers have loads of cash. They haven't spent 65 to 70% of recent stimulus.

Due to the weak US economy, not everyone is succeeding. But three stimulus payments helped.

The US government has given $804 billion in direct deposits, checks, and debit cards to low- and middle-income individuals and families.

It appears that the circumstances of American households have improved as a result of robust federal income transfers.

The Bank of America forecasts that the US economy will expand by 7% this year and by 5.5% in 2022.

Some restrictions apply. If people spend their stimulus money, it could boost demand for goods and services beyond what the economy can supply, causing inflation.

Moynihan highlighted complex supply chains and labour shortages as "major dangers"

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