BofA's Moynihan: 'A Lot of Dry Powder' on Consumer Side

The video discusses concerns about a potential recession, highlighting the constant worry among economists and financial managers. It addresses global issues like the war in Ukraine and inflation in the U.S., which impact the economy. The supply chain's ongoing challenges are noted, along with consumer behavior, which shows increased spending despite these concerns. Consumers are spending more on travel and entertainment, and their financial health has improved post-pandemic, with higher average account balances and reduced credit card debt. This indicates a strong economic activity level and available consumer funds.

What does the text suggest about the financial situation of consumers before and after the pandemic?

What is the significance of the term 'dry powder' in the context of consumer spending?