EXCERPT:
MOYNIHAN: “Even inflation adjusted, much more in their account. The problem is, it's started drifting down, which indicates that they're using that money now to maintain their lifestyle. That's not that unusual in the summer months, frankly, because of travel and vacations and everything. And where the money is being spent by our consumers is on those type of experiences. But if you look within it, they're still going to restaurants and they're taking travel. But on the other hand, they're spending a little bit less — they're going to the food store the same number of times, but spending a little bit less, which means they're basically finding bargains and things like that. And you're seeing corporations cut price to respond to that. And so, it's the way the economy works in those — it's slowing down. And that's where we have to be careful, because we've won the war on inflation. It's come down. It's not where people want it yet. But we've got to be careful that we don't try to get so perfect that we actually put us in recession. But our team is a great team at Bank of America research, does not have any recession predicted anymore. Last year this time it was a recession. This year we talked about, now there's no recession. And basically they say we go to 2 percent growth to 1.5 percent growth over the next six quarters and kind of bump along at that growth rate, plus or minus 2 percent."