BofA Weekly Total Card Spending (w/e May 2) +2.7% (prev. +7.2% W/W); adds that with the tax refund tailwind fading, higher gas prices might also be taking their toll

The latest Bank of America weekly card spending data shows a significant decline, with spending up only 2.7% compared to a prior week of 7.2%. This slowdown suggests consumers may be feeling the impact of rising gas prices as the supportive effect of tax refunds diminishes, indicating potential softness in consumer demand going forward.