Aug 21 (Reuters) - Bank of America Corp ChiefExecutive Officer Brian Moynihan on Wednesday played down fearsof a potential U.S. recession, saying strong consumer spendingcould keep the economy growing.
"The underlying consumer is doing well and making moremoney. More importantly, they're spending more money," Moynihansaid in a CNBC interview.
Fears of a U.S. recession have escalated on the back of aprotracted trade war between the United States and China, withyields on 2-year and 10-year Treasury notes last week invertingfor the first time since 2007 in a classic recessionary signal.
Moynihan, however, said the yield curve does not have toindicate recession.(Reporting by Bharath Manjesh in BengaluruEditing by Saumyadeb Chakrabarty)