Exclusive: Bank of America CEO bullish on economy powered by spending

Axios reports Bank of America CEO Brian Moynihan highlighted a striking contradiction: Americans tell pollsters the economy is in terrible shape, but their actual spending tells a very different story. Consumer spending grew six percent in the second quarter compared to last year, and Moynihan predicts the economy will expand by at least two percent this year. He pointed to World Cup data from host cities: restaurant and bar spending jumped five point three percent year-over-year in the three weeks ending June twenty-seven—significantly higher than the three point eight percent growth rate elsewhere in the country. Moynihan calls this the 'say-do paradox'—Americans are pessimistic but still spending, and that's the real engine of economic growth.

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