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The pursuing is the afloat transcript of an interrogation with Bank of America CEO Brian Moynihan, a information of which aired connected "Face the Nation with Margaret Brennan" connected July 19, 2026. Editor's note: This interrogation was taped connected July 16, 2026.
MARGARET BRENNAN: We're joined present by the president and CEO of Bank of America, Brian Moynihan. Welcome backmost to Face the Nation.
BANK OF AMERICA PRESIDENT & CEO BRIAN MOYNIHAN: It's large to beryllium present again, Margaret. How are you doing?
MARGARET BRENNAN: Doing well. I privation to inquire you astir though, however Americans look to beryllium feeling these days. You've got immoderate unsocial insight. Our polling shows 22% of Americans accidental economical affordability volition beryllium America's biggest situation implicit the adjacent 50 years. They look to truly beryllium doubting that their surviving standards are going to beryllium improving. What are you seeing successful presumption of however consumers are really behaving?
BRIAN MOYNIHAN: Well, affordability is simply a challenge, talked astir situation that we spot successful our lawsuit base. But arsenic you look astatine what's truly going on, we spot a mates things. One is the consumers that- are 70 cardinal consumers who walk astir $400 cardinal positive a month, are spending astir 5 oregon 6% much wealth this period of June of '26 versus '25, and likewise successful the archetypal portion of July here, truthful they're spending money. And portion the consumers bespeak connected higher state prices oregon higher nutrient prices and ostentation and things similar that, and they're disquieted astir it, what you spot is particularly the mediate 3rd of households and the apical 3rd of households by income, their spending is increasing faster. What's been interesting, frankly, successful the much caller past, successful the past mates months, is we're seeing the wage maturation of each income cohorts benignant of coalesce unneurotic astir 3 to 4% which is good. So, astatine the extremity of the day, however consumers consciousness is critically important to their aboriginal desires to acquisition and demand, and we ticker that. But we besides ticker what they're doing today, and contiguous they- they're spending astatine a beauteous bully clip and faster than they did past 4th oregon past year.
MARGARET BRENNAN: So they're holding successful there, adjacent though we're seeing state prices person raised the outgo for drivers by 31% since this warfare with Iran began. I cognize fuel- substance inventories stay low. How are you reasoning astir however this geopolitical uncertainty factors into planning?
BRIAN MOYNIHAN: So the- the terms of lipid and state affects not lone the state astatine the pump, which is what you're archetypal reflecting on, and that is up. It really started coming down, and if- arsenic the lipid prices rise, it mightiness emergence backmost up. But it basically, erstwhile we were moving astir $100 tube equivalent oil, you were moving astir a $4 and alteration state price. It really had travel down from the months of May to June due to the fact that that's erstwhile the lipid started flowing more. But I deliberation if you speech to businesses, it's different. What consumers spot is successful a concerning quality that is retired there. But erstwhile concern spot it, they interest astir the outgo of goods that's coming done the pipeline. So the goods are being manufactured now. Have, you know, imported that lipid and state to spell into the the plastics accumulation oregon the- oregon the worldly accumulation oregon the- immoderate it was during the times erstwhile state prices were high. And that's wherefore our squad has ostentation staying higher each the mode into '27, '28, and wherefore the Federal Reserve volition probably, you know, our content was volition rise rates, whereas six months agone they thought the Fed would beryllium cutting rates. They're really believing they'll rise rates to combat disconnected this inflation, and it volition instrumentality them a portion to get done it.
MARGARET BRENNAN: So rise rates? You deliberation the Fed volition enactment arsenic soon arsenic adjacent week to bash that, oregon excuse me, extremity of the period to bash that?
BRIAN MOYNIHAN: I don't think- no. More towards the extremity of the year, our squad has them raising rates, and you know, I deliberation based connected the caller information came out, they had 3 complaint rises. Whether they clasp that with immoderate of the ostentation numbers, but- but the world is, it's benignant of the process extremity of this- this twelvemonth into adjacent year, and it truly volition beryllium a batch connected the way of different terms cohorts different than conscionable lipid and state astatine the pump. And- and that's the question of what's going connected successful lodging and nutrient and different places, wherever you're seeing immoderate continued advancement being made, is drifting down, and is drifting down slower than radical would similar it. But the world is, this benignant of ostentation takes a agelong clip to compression retired of the system. When you spell backmost to the post-pandemic infusion of- of currency and infusion of activity, that conscionable takes a portion to compression out.
MARGARET BRENNAN: You accidental that the user is holding in, but I was looking astatine immoderate of your research, and it says recognition paper delinquencies are elevated; they are rising, and that seems to beryllium from younger consumers. So, are- from what you knew, are individuals conscionable choosing to unrecorded beyond their means with a statistic similar that, oregon does it connote that radical are incapable to support off- support up with their outgo of living?
BRIAN MOYNIHAN: Yeah, there's- there's immoderate disorder retired there. Our recognition paper delinquencies, and frankly, astir of the manufacture delinquency came down. And so, what- there's been a study retired determination from the Federal Reserve that really keeps connected the record 7 years of charged-off data. So, without getting excessively method here--
MARGARET BRENNAN: Yeah.
BRIAN MOYNIHAN: --that mode overinflates what's truly going connected successful the existent year. And the world is, recognition prime for premier recognition cards has gotten amended 4th to 4th for the manufacture and for our company, and truthful that- that's bully news. In the extremity of the day, it's coming backmost to whether the user is employed oregon not. The unemployment complaint of 4.2%, wages- excuse me, jobs increasing somewhat, claims for employment were 208,000 this week, you know, which is low. That's each beauteous good, stable. And if you perceive to the teammates we have, you cognize the information that that's going connected that means wages, employment stableness is there. Now they got to get to inflation, and that's the portion of wages. So I deliberation consumers person a batch of borrowing capacity. The enactment usage of our location equity lines is inactive mode beneath wherever it was successful 2019. The worth of homes is up a lot. People aren't moving arsenic much. They're capturing that value. They aren't selling to get it, but it's sitting there, and truthful there's- and their household transportation arsenic a percent of their income is successful enactment with mean times. It's the ostentation that gets connected their caput and affordability due to the fact that that's a sticker daze question, and it takes a portion to get that to flatten retired into the system. And I deliberation that's what you're seeing the dialogue. But recognition card- what you- what you're speechmaking astir has a small spot of disorder there, and a small spot of disorder of radical utilizing points to wage mundane things. That's what our squad said, but that happens. It's a little- that's what they bash with it due to the fact that our rewards programme is simply a batch astir the currency backmost connected the card.
MARGARET BRENNAN: Got it. So erstwhile you're talking astir factors successful driving up inflation, 1 of the things that the Fed Chair Kevin Warsh was asked astir was whether AI investments are also, you know, inflating things. He told lawmakers there's a proviso shock, but helium doesn't presumption a one-time alteration successful prices arsenic inflationary. How bash you deliberation astir AI and however it's factoring successful here?
BRIAN MOYNIHAN: I think, you know, Kevin, being a- a, you know, a well-versed economist, they speech astir proviso checks, and erstwhile it's successful the baseline, it- you know, it goes retired the maturation complaint a twelvemonth later, and things similar that. And that- that's important. But the question is, what's the nominal price? Is what quality beings pay, and truthful erstwhile they spot prices spell up, they're concerned. And that's the wide contented about, you know, lipid astatine $3 oregon four- oregon state terms astatine $3 oregon $4 hits them. When you deliberation astir connected the organization side, the firm side, the existent question is if ostentation successful goods and services, oregon ostentation successful chips and things similar that, goes up you person to beryllium capable to terms them through. And that's that tug of warfare is going on. And our quality arsenic a user of that enactment of AI technology, whether it's the information centers to enactment the AI models, the models themselves, et cetera, is going to beryllium geared by what we tin get retired of them. And so, erstwhile we look astatine Bank of America, however we use AI, we look astatine a concern case. Does- does the magnitude we walk for the capacity, the capability, whatever, is it offset by much gross oregon little disbursal and much productivity, and we look astatine that successful each case. And I deliberation that volition beryllium a small spot of a gating factor. The implementation is radical trying to find that concern case. But it's existent that it's inflationary successful the abbreviated term. It's existent that goes retired of the basal that becomes- goes retired of the wide implicit the tribunal if it sits and it goes up and past stays determination and doesn't spell further up. But the world is, erstwhile radical who are really paying for each this look astatine it, we person to deliberation astir does it marque economical sense, and we're looking astatine nominal terms versus what we tin get retired of it.
MARGARET BRENNAN: Well, I privation to inquire you astir what's happening with those companies due to the fact that erstwhile we looked astatine Bank of America's net recently, you had grounds income and trading gross in- successful the 4th past. A batch of that, immoderate of it churn from, you know, vigor terms swings, but immoderate of it it seems from the tech roar of these monolithic AI companies and the nationalist listings. How bash you deliberation astir that- what looks similar a tech boom?
BRIAN MOYNIHAN: It's perfectly a beardown marketplace for exertion and different IPOs. There's biotech, there's biology, there's drugs going retired getting IPO'd and things similar that. There's M&A activity, and truthful erstwhile you're talking astir the concern banking enactment of Bank of America was up 70% twelvemonth implicit twelvemonth oregon thing similar that, and our peers were up similar amounts, and that has a batch to do– astatine 50% actually– that has a batch to bash with the magnitude of enactment our firm clients are doing. In part, besides comparing to past year, which was Liberation Day quarter. The bully quality is astatine our company, the nominal dollars we earned successful the archetypal 4th and 2nd 4th went up successful concern banking, and that's reflecting the situation astir us. Our- we held our marketplace share, gained a small spot present and there, but it's truly astir indebtedness issuance, equity issuance, IPOs, and M&A activity. All of which are precise strong, and the pipelines are precise full, which is bully for the American system due to the fact that that enactment is ever generating thing going on. Premiums that radical get to walk erstwhile they merchantability their institution and invest. It's creating debt- indebtedness proceeds that tin beryllium invested successful the maturation of the company, oregon buying equipment, oregon employing much people, truthful that economical enactment is bully for the country, and- and my- and Bank of America is benefiting by arsenic are our peers.
MARGARET BRENNAN: Yeah. Jamie Dimon said, "It's getting adjacent to arsenic bully arsenic it gets. We conscionable don't cognize long- however agelong it's going to last." I conjecture you're- you're successful that aforesaid camp. You don't- you don't cognize however agelong this is going.
BRIAN MOYNIHAN: That's always-
MARGARET BRENNAN: Yeah.
BRIAN MOYNIHAN: That's- the pipeline- we- we measurement what we telephone pipeline. So I- what's the guardant enactment that yet not- haven't yet booked? In different words, the woody is successful process--
MARGARET BRENNAN: Yeah.
BRIAN MOYNIHAN: --and- and that enactment is arsenic beardown arsenic it's ever been. That nominal amount's arsenic beardown arsenic ever been, and it each depends connected the markets staying unchangeable and- and the windows staying unfastened truthful the worldly tin get done it. But, it's- it's beauteous bully now. By the way, our user concern made $3 cardinal aft tax, and squad did a large occupation there. The returns connected each concern grew. The returns- the gross maturation was strong, and- and the nett margins increased, and that's bully news. And frankly, our employees payment by it, arsenic bash our customers. But you know, it- truthful everybody talks astir the Wall Street- it's a overmuch broader economical backdrop, which is beauteous strong, with the U.S. system going 2% plus.
MARGARET BRENNAN: Well, it's fascinating due to the fact that Wall Street is benefiting from this IPO roar astir AI, but it is the authorities of New York wherever you are sitting close present that has present go the archetypal authorities to barroom the operation of large-scale information centers. There's conscionable truthful overmuch governmental vigor astir this. This thought of not successful my backyard. And the president argues this is each a driving unit for jobs and a bully thing. Do you spot much states pursuing suit?
BRIAN MOYNIHAN : Well, it- you tin work the articles on, you know, a time oregon week ground of the tug of war. Look, America has been astir for 250 years, and 1 of the large principles of America is backstage loan- ownership of your land, and the close to power your land, and the close for assemblage to power its land, and states' rights to con- and metropolis rights, and municipality rights. And so, this is simply a classical conflict of onshore use. And everybody is moving it through, and everybody volition enactment it done differently. Whether it's the stories astir New York putting a intermission connected successful presumption of further development, portion they effort to fig retired the dynamics of elec- energy pricing, h2o pricing, and things similar that. There's different states are saying, physique the- you know, Louisiana has a large installation going in. So, I deliberation we spot it hailed differently. But it truly comes down to America being America, my community, my municipality hall, my municipality meeting, my mayor, my assembly deciding what they privation to do, oregon my governor, and I deliberation that's wherever the colonisation is trying to fig it out. And truthful there- there's a beauteous bully tug of warfare going on. But I deliberation you cognize the facts ought to get connected the table, the decisions ought to travel what radical privation for their community, and past frankly, the information halfway builders volition spell to the communities that privation them.
MARGARET BRENNAN: You mentioned earlier the "Liberation Day" quarter. I deliberation that was a notation to the astonishment tariff authorities a twelvemonth agone from the president, which has changed dramatically successful the clip since. One of the things you talked astir arsenic a large uncertainty for tiny businesses erstwhile we spoke backmost successful December was labour availability owed to changing migration policies. We got a small much clarity from the Supreme Court, astatine slightest connected 1 portion of that. But I wonderment what you deliberation astir however tiny businesses are dealing with those labour strains and however overmuch of this is besides a origin successful the lodging concern we spot close now.
BRIAN MOYNIHAN: Well, I'd marque it a broader connection successful presumption of the operation industry, which had 0% unemployment, and evidently benefited by the migration successful the state for idiosyncratic supply. And you cognize whether it's commercialized operation oregon residential construction, into lodging industry, to your question, each of them are facing demands and shortages not lone for wide labour but besides method labor, welders, and things similar that. And so, you know, there's enactment going connected to make those accomplishment sets much profoundly successful the United States. But the- you cognize the slowdown successful radical coming into the state has- creates a shortage of workers successful those areas. And the- the rule is that we'll then- we retrain radical to bash those jobs, but that takes time, and truthful you cognize it's got to enactment done the system. I deliberation it's been beauteous unchangeable now. In different words, that the restrictions person been beauteous unchangeable for a bid of months now, but it's inactive connected the minds of tiny business, getting labour is- is 1 of their pugnacious jobs, and we marque that wide that that's 1 of the constraints that they face. And, and so, yeah. There's a content AI productivity and worldly volition assistance companies similar ours successful the work business, but successful the operation business, a batch of it's going to beryllium done by good, coagulated work, and- and that enactment is not going to get done arsenic accelerated if we don't person the radical to bash it.
MARGARET BRENNAN: Well, you are in, of course, the owe concern arsenic well, and erstwhile we speech astir housing, determination was this caller law, the ROAD to Housing Act, that's trying to assistance marque lodging much affordable for mundane people. It does a batch of things. Unlocks much national backing for factory-built homes. It besides limits the acquisition of single-family homes by organization investors. Do you deliberation this is going to marque overmuch of a quality for radical who are looking to buy?
MOYNIHAN: All these things assistance with the margin, but the fig 1 happening erstwhile I speech to successful cities crossed America to mayors oregon immoderate the governing authorization is- is you person to if you privation your lodging prices to flatten and travel down you're going to person to physique much proviso due to the fact that usually that's the problem. It's proviso problem, and that goes backmost to the onshore usage question we talked astir earlier. Is volition you licence projects faster? Will you get- assistance them get done the strategy truthful they tin get successful the crushed faster and get to accumulation faster, truthful lowering the financing costs and the transportation costs, and conscionable beryllium a cooperative happening for lodging development. That's the fig 1 issue. That is simply a section question, and what the national instrumentality passed is- it's hard for them to impact that. But they enactment a batch of different things to assistance around, assistance astatine the astatine the extracurricular of that. But the world is- is- it's down to the cities and towns saying, if I've got a short- of housing, I've got to get developers successful to physique it. Now we person a large signifier successful helping developers. We bash astir $5 cardinal a twelvemonth successful taxation equity, debased and mean income housing, and- and that's been beauteous constant. Our mortgages this quarter, our accumulation of mortgages was up 30 percent. You know, and that means radical are moving a small spot more, which successful our lawsuit base, and we spot that elsewhere, that's that's bully news, but I deliberation you cognize astatine the extremity of the day, erstwhile you instrumentality a metropolis similar Charlotte, that's you cognize 20, 30,000 lodging units short, you got to physique them, and the politician and the municipality assembly and the surrounding towns cognize that. And they've got to get that permitted and get it up. And the faster you bash that, the faster you commencement to easiness pricing. The bully quality is successful the aggregate statistics, and it's antithetic successful each market. You're starting to spot these prices mitigate and flatten retired and that's bully news. And past the different question is owe rates. I don't deliberation they're going to determination overmuch successful the adjacent term, and you know. But we've had higher rates present for you cognize 3,4,5, years, and 3 years, I conjecture it is. And radical are getting utilized to it, and that's what it'll take. The wage maturation volition drawback up. People's appetites- radical who are older volition move, and adjacent if they person a little mortgage, you know, the- the determination is antithetic than conscionable axenic owe pricing and and things similar that. So you're starting to spot that determination a small bit, but instrumentality immoderate clip getting utilized to the newer, higher rates that person been successful spot for 3 years now.
MARGARET BRENNAN: So I cognize you've got a FIFA motion adjacent to you, and the FIFA World Cup finals are this weekend. The world's going to beryllium watching. You're a sponsor. Given however precocious summons prices are to these matches, person you been amazed astatine the, the turnout astatine the tournaments and the spending?
MOYNIHAN: Absolutely not. What we- our squad did a probe piece, Margaret, that said that the full magnitude that is economically generated astir FIFA is astir 40 billion, 20 cardinal beryllium successful the U.S. And past adjacent we look into big cities similar a Kansas City, we tin spot the maturation complaint and spending faster than different cities. So it's having this on-the-ground economical impact, and that spending is going into what we telephone bricks-and-mortars, going to bars and restaurants and and things similar that, not needfully lone the radical successful the stadium. All the tickets, there's 500 cardinal summons requests. So a batch of the dialog that I conjecture I'm told happens between, earlier each World Cup that each the seats are going to sold- they're each sold. The radical are showing up. They're having a large time. If you spell to a game, you know, they support the stadium unfastened 2 oregon 3 hours aft I was successful the quarterfinals successful Boston, and the spot was full. And astatine 3 hours later, I went retired aft having meal astatine 1 of the places nearby, and the parking tons were afloat of radical inactive enjoying it. And truthful it's, it's an unbelievable phenomenon, I deliberation the United States hadn't seen for a while, seeing again. And to enactment it successful context, you know, they're estimated 2 cardinal radical ticker that the, the finals connected Sunday, which is conscionable an astonishing amount. And that's what the marque strategy for america was, is we, we had a large 4th internationally. We person a large planetary business. It's a precise important portion of what we do. This, and the remainder of the satellite is simply a connection astir Bank of America's enactment of what's important to them. In the United States, it's a connection that excessively we sponsor USA Soccer. We're doing putting fields and locations. We did the $2 cardinal for the tickets for veterans and archetypal responders that we gave to them to get them successful the games. We're doing shot successful the schools with- with- with the thoroughfare Street Soccer- thoroughfare kids soccer. We helped sponsor the Street Childs World Cup soccer, which is simply a antithetic enactment extracurricular the United States. We person a fantastic commercialized featuring that with David Beckham and U2 and the caller song. It's- it's been a fabulous magnitude of work, but astatine the extremity of the day, it's a worldwide improvement which we've been a portion of, including the "fan bands." And I saw immoderate colleagues that- there's immoderate customers that were lasting successful enactment for since 4:30 this greeting to get successful astatine 10 o'clock to get successful to get their instrumentality bands up successful Rockefeller Center, truthful it's been fantastic to beryllium a portion of this. The stadiums are sold out. It'll beryllium a fascinating last connected Sunday, and we look to beryllium a portion of it. And past we'll proceed to beforehand soccer. And successful fact, the accessibility shot successful the schools is 1 of the large tenets here. And fields of places that different not person them- is different large tenet of what we're doing. That volition past mode beyond the phenomena of the World Cup that volition travel to adjacent present successful the U.S. connected Sunday.
MARGARET BRENNAN: I work ESPN called it the largest sports concern Bank of America has made successful its history, a planetary sponsorship. Why? Are you conscionable a immense shot fan, oregon is it the 2 cardinal viewers?
MOYNIHAN: Look, we- we grew up with our kids playing soccer. I ne'er played the game. This is simply a concern determination to assistance make enactment for our communities that we're hosting the games and- and enactment for our- our marque and our- our sales. And truthful you've seen this caller Bank of America Rewards programme we person retired there. It's gone up tenfold successful presumption of regular sign-ups, our recognition card, our FIFA recognition card, these are things we're promoting. So that's the economics, that's the classical benignant of marque analysis. But the world is, we're besides you cognize we judge powerfully that broadly participating successful things, whether it's the Golf with Us program, the Soccer with Us program, the Museums connected Us program, we supply entree to museums, the moving programs we do, the My Marathon campaigns, the Boston, Chicago marathons and the different races astir that, each to rise wealth for charity. These are each things that get wide information that we tin assistance enactment and assistance our communities turn and prosper. It's conscionable a portion of what we've done. So yes, it's a large investment, and we're precise blessed with it.
MARGARET BRENNAN: All right, Brian Moynihan, convey you for your clip today.
BRIAN MOYNIHAN: Thank you, Margaret.
MARGARET BRENNAN: We'll beryllium close back.
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