Bank of America CEO says consumers are more cautious amid Trump policies

Bank of America CEO Brian Moynihan said consumers are “more cautious” amid Trump policies during an interview on Face the Nation with Margaret Brennan that aired July 19, a caution flag for households weighing spending, borrowing and savings decisions.

The remarks, taped July 16, came on a Sunday CBS News lineup that also included Sen. Mark Warner, New York Gov. Kathy Hochul and border czar Tom Homan. Moynihan’s view matters because Bank of America sits close to the daily flow of household finance, from checking accounts and credit cards to mortgages and small-business lending.

For ordinary Americans, a more cautious consumer backdrop can quickly show up in the terms and tone of lending. If households pull back, banks typically become more selective about new credit, especially for borrowers carrying higher balances or asking for larger loans. That is the backdrop for mortgage shoppers, card users and small-business owners who depend on banks to keep credit flowing.

Moynihan also said the biggest risks to the U.S. economy heading into 2026 are global wars and shocks to the economy, putting geopolitics and volatility at the center of his outlook. For lenders, those risks can affect everything from loan demand to borrower confidence, especially if households decide to delay large purchases or businesses slow hiring and investment plans.

Not all of Moynihan’s comments were downbeat. He said the FIFA World Cup has generated significant economic activity in the United States, and CBS News has highlighted a separate item saying the tournament could have a $20 billion economic impact. That points to pockets of strength in travel, spending and event-related business even as banks see more hesitation in the broader consumer base.

The mixed message is the one banks are trying to read now: a consumer who is still active, but less willing to stretch. For a lender as large as Bank of America, that can mean steadier but slower growth in credit demand, more scrutiny of household finances and a softer backdrop for borrowing if caution keeps building.