BofA card spending, week to January 10th: +4.6% Y/Y (prev. 1.7%). Strong growth across most categories, partially due to favourable base effects
Newsquawk Staff ·
BofA card spending, week to January 10th: +4.6% Y/Y (prev. 1.7%). Strong growth across most categories, partially due to favourable base effects.
What it means
The latest BofA card spending data indicates a significant year-on-year increase of 4.6%, up from 1.7% previously. This growth suggests strengthening consumer demand across various categories, although it is essential to consider that favorable base effects may be contributing to this acceleration. Market participants should keep an eye on how this trend influences economic outlook and potential implications for central bank policies.
- BofA Weekly Flow Show (w/e 14th Oct):
- US PCE/Fed sell-side commentary after CPI: Pantheon now expects the Fed to hike by 25bps in December
- BofA Fund Manager Survey suggests that a US 10-year Treasury yield at 5.9% would prompt a shift in allocations from equities into bonds
- BofA Flow Show (w/e 30th September): USD 18.8bln to bonds, 15.8bln to stocks, 0.9bln to crypto, 0.7bln to gold, 118.0bln from cash on quarter-end; Bull and Bear indicator 8.8 (prev. 9.3)
- BofA Flow Show: Bull & Bear indicator 9.3 (prev. 9.5)
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