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US Bank CEO says consumers and businesses are still in great shape By Lannan Nguyen and Saeed Azhari

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NEW YORK (Reuters) - US consumers and all businesses are still in good financial shape despite

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concerns about an impending recession coupled with high inflation, the country's top bankers told a conference

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 in New York on Tuesday. Brian Moynihan, chief whatever executive officer of Bank of America Corp,

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 the country's second largest bank, said customers spent nearly 10% more in August than a year ago,

with bank account balances much higher for many than in the pandemic. Consumers and businesses are in great shape,

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 said William Rogers, the chief executive officer of Truist Financial Corp. Businesses on the commercial

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and corporate side have never been in better health. The companies' balance sheets are actually very strong.

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The US Federal Reserve said it would continue raising rates as it tries to contain inflation, 

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which also fears the central bank could trigger a recession. US Banks stand to benefit from rising interest

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rates and earn more income by charging interest from customers. Nevertheless, a rise in rates sends the economy

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into recession, which can reduce the profits of banks. The revival of the entertainment industry in California,

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coupled with low unemployment, a very strong housing market, bodes well for a solid economy there, 

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said Kelly Coffey, CEO of City National Bank, a well-known subsidiary of the Royal Bank of Canada.

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And M&T Bank CEO René Jones also said that the combination of a strong job market with COVID-19

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government incentives still bodes well for consumer finances. When looking at our credit statistics,

delinquencies and charge-offs are far below where they were pre-pandemic, it will take us a long time to get back to normal.