Bank of America Total Card Spending (Apr): +4.8% Y/Y (prev. +4.3% M/M); OBBBA-related tax refunds have so far been around twice as large as the gas shock impact

Bank of America Total Card Spending (Apr): +4.8% Y/Y (prev. +4.3% M/M); OBBBA-related tax refunds have so far been around twice as large as the gas shock impact.

April's total card spending growth of 4.8% year-over-year surpasses the previous month's 4.3%, indicating a positive trend in consumer spending. The mention of OBBBA-related tax refunds being significantly larger than the negative impact from rising gas prices suggests a net supportive factor for consumer finances, which could influence future spending patterns and economic outlook.