Big bank earnings show consumers may be losing spending steam

In the wake of earnings reports from major banks like Bank of America (BAC) and Morgan Stanley (MS), a mixed picture is emerging about the state of consumer spending. While the banks have stressed that consumers are continuing to spend despite uncertainty around inflation, there are also signs of rising consumer credit stress. Bank of America, for instance, reported that its net charge-offs — debts unlikely to be recovered — rose to $1.5 billion year over year, up from $807 million in the prior-year period. At the same time, banks have noted a decline in net interest income, which is the difference between what banks earn on loans and what they pay on deposits. These figures raise concerns about whether consumers can sustain their current spending habits in an inflationary environment. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance. This post was written by Angel Smith

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