"We think the consumer is very strong right now," Moynihan said on "Squawk Box" from the World Economic Forum in Davos, Switzerland. "Very strong ending the year, fourth quarter was strong; Christmas was strong. January so far has been strong relatively."
Based on BofA credit card and bank account data, Moynihan said consumer spending, while slowing, is still growing at about 5 percent to 6 percent. He said people are "spending a lot on experiences" such as dinners and travel even as signs emerge of a weakening global economy.
"It's weakening from a faster growth rate. We went up a hill. Now we're coming down a hill, but we're still above zero, way above zero," Moynihan said. He said BofA economists see a U.S. gross domestic product advance of 2.5 percent in 2019, with the first half stronger than the second. Looking to 2020, he said growth paces around 2 percent or a little below.