With Q3 bank earnings behind us and economic data continuing to trickle in, it’s clear to me the economy is well on its way to returning to 2019 levels. In some respects it already has – check out this quote from BAC’s CEO Brian Moynihan on Bank of America’s Q3 call:
In the third quarter, we’ve seen a full restoration of spending by Bank of America customers when compared to last year. Overall, the customer payment levels in September 2020 were larger than September 2019. Year to date, across $2.3 trillion in spending at Bank of America, customers have spent more than they did last year.
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