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Fincredible MacroTalk: Macroeconomic Insights
Last week, the Atlanta FED released their latest projections for the Q1'22 GDP growth: +0.1%. This would mark a big deceleration in GDP growth, and represents a stark contrast to the views presented by bank executives during their latest earnings calls.
The Fincredible MacroTalk goes over bank executives' views on macro aspects like GDP growth, consumer spending and balance sheet, and more. Here are four quotes that seem to indicate the U.S. economy is in great shape.
GDP Growth:
- $PNC "In regard to our view of the overall economy, we expect strong growth over the course of 2022, resulting in 3.5% GDP growth. We also expect 425 basis point increases in the Fed funds rate in 2022."
Credit & Debit Card Spend:
- $BAC "Just focused on debit and credit spending for the holiday period of November and December, spending was up 26% over 2019. This data confirms that consumers continue to spend into the holiday season. And so far this year, that strength continues. For all the spending of all types through January 17, 2022, we have seen it up over 11% versus the start of '21, which is well up over '20 and '19. That bodes well for the rest of the year and quarter.”
Consumer Balance Sheet:
- $WFC "Consumers' financial condition remains strong. Modest debt growth, strong asset appreciation and higher deposit balances have left household balance sheets in excellent condition, which should help drive continued strong consumer spending.”
Loan Growth:
- $BAC "Another economic signpost worth noting with our customer activity was acceleration of loan growth in the fourth quarter. Earlier last year, we talked about the green shoots of loan growth we saw in the first quarter, and we saw that turn into growth as we move through the quarters, culminating with $50 billion in record loan growth this quarter."
If you'd like to read the whole post, here's the link:
fincredibletranscripts.substack.com
Fincredible MacroTalk January 28th: Macroeconomic Insights from Banks
Macroeconomic insights from $WFC $BAC $PNC $JPM $C $BK
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