Bank of America CEO Brian Moynihan Featured on “Face the Nation,” Dec. 28, 2025

On December 21, 2025, Bank of America CEO Brian Moynihan appeared on CBS’s “Face the Nation” with Margaret Brennan. The interview, filmed earlier on December 17, addressed various aspects of the U.S. economy, consumer spending, and challenges facing small businesses.

Consumer Spending Trends

Moynihan highlighted a notable trend in consumer spending as the holiday season approached. He reported a four to four and a half percent increase in spending during the Thanksgiving weekend compared to the previous year. This growth was evident across all income brackets, with lower-income consumers experiencing slightly faster growth rates.

• Spending Increase: 4-4.5% increase from last year.
• Wage Growth: Average wage growth reported around 3%.
• Unemployment Rate: Currently at 4.6%, indicating a stable job market.

Despite some consumer concerns regarding inflation, spending remained solid as many employed individuals utilized their good credit standing. Moynihan emphasized that all income levels were contributing positively to economic growth.

Risks to Economic Stability

While the outlook for 2026 was cautiously optimistic with projected economic growth at approximately 2.4%, Moynihan acknowledged risks ahead. The primary concern was whether consumer spending would continue to engage throughout the year.

• Potential Risks Identified:
  • Consumer disengagement leading to decreased spending.
  • Impact of geopolitical tensions and potential market disruptions.
  • Cybersecurity threats affecting business operations.

Moynihan stressed that if businesses continue to engage their employees and offer higher wages, there could be a positive economic trajectory. Bank of America’s anticipated GDP growth revisions indicated a cautiously optimistic forecast for the U.S. economy.

Challenges for Small Businesses

As the largest small business lender in the U.S., Bank of America is acutely aware of the challenges faced by small enterprises. Moynihan highlighted rising interest rates as a significant factor impacting small business operations. Businesses were concerned about their ability to afford borrowing under these conditions, especially with supply chain uncertainties and labor shortages persisting.

• Key Small Business Challenges:
  • Higher borrowing costs due to increased interest rates.
  • Labor availability issues affecting operational capacity.
  • Uncertainty around immigration policies impacting workforce stability.

The company’s commitment to understanding small business needs remains a priority, as many struggle to find reliable labor amidst ongoing policy changes.

Impact of Artificial Intelligence

Moynihan discussed the growing integration of artificial intelligence (AI) at Bank of America, particularly within customer service applications. The bank’s AI assistant, Erica, manages millions of customer interactions, demonstrating the efficiency AI brings to traditional banking operations.

While concerns about job displacement due to AI are prevalent, Moynihan assured that the focus remains on enhancing employee efficiency rather than reducing workforce numbers. He emphasized the potential for AI to optimize various banking functions and improve service delivery.

The Housing Market Outlook

The housing sector, however, faced challenges as higher mortgage rates constrained market activity. Moynihan noted that supply shortages compounded the issue, suggesting that boosting housing supply through permitting reform was essential for stabilizing home prices.

• Housing Market Insights:
  • Current mortgage rates projected to remain stable at 4-4.5%.
  • Significant housing shortages affecting property availability.
  • Encouragement for smart trade-offs in mortgage and home pricing strategies.

Moynihan advised that while lower mortgage rates might seem beneficial, fostering a more robust economy should be the focus. He encouraged an understanding of the complex housing landscape among potential buyers and stakeholders.

Conclusion

In conclusion, Brian Moynihan’s insights reflect a cautiously optimistic view of the U.S. economy as 2026 approaches. The interconnectedness of consumer behavior, small business challenges, and technological advancements emerges as a critical narrative for stakeholders navigating this economic landscape.