1540 ET - Wells Fargo's CEO echoes Treasury Secretary Bessent's proclamation on CNBC earlier that "the K-shaped economy is over." Charlie Scharf says the data supports Bessent's comment. He says credit card spending is up 10% and it's not just affluent customers--with mass market customers driving a third of the spending. On the debit card side, Scharf says spending is up 7% and about 70% of the increase is from the mass customer. "So everyone is spending more, delinquencies are down, the savings rate is up," he says on CNBC. Still, Scharf says people seem concerned as seen in consumer confidence data, but he cites tax refunds and the job market as positives and the fact that average direct-deposit paychecks are rising faster than inflation for his customers.
- Like
- Comment
- Favorite
Wells Fargo CEO Says It's not Just Affluent Who are Spending
Dow Jones08-05
At the request of the copyright holder, you need to log in to view this content
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Like
Report
Login to post
No comments yet