Bank of AmericaCNBC’s Jim Cramer heard CEO Brian Moynihan on Tuesday say that Americans spend heavily, despite the fact that inflation is still roiling the economy.

“In the month of March ’22 versus March ’21, the consumer … spent about 13% more than they did last year,” Moynihan said Tuesday in an interview on “Mad Money.” 

He added that “But, what’s more, the number has moved back up to 18% in the first two weeks of April. This indicates faster consumer spending.”

Consumer Prices increasedThe price rises of everyday products that were not witnessed since the 1970s or early 1980s are 8.5% higher year-over-year than in March. The producer price Index showed an 11.2% increaseFrom the year before, March was a month of record.

Moynihan stated that since the pandemic, consumers have increased their spending by increasing their bank accounts. While some investors might be tempted to ‘don’t fight the Fed’, Moynihan has an alternative view.

Don’t oppose the U.S. consumers. You can clearly see that they are strong and healthy. He said that their loan balances have fallen, that they are able to borrow a lot and have plenty of spending potential.

Bank of America beat Wall Street expectationsProfits and earnings were reported Monday in the first quarter financial results. On the same day, shares rose by 3.4%.

Bank of America shares rose 1.85% Tuesday.

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