New York (CNN Business) The soft patch in the US economy is unlikely to morph into a full-blown recession, Bank of America CEO Brian Moynihan told CNN Business.

"The economy was predicted by everybody to slow down ... That's coming true," Moynihan said in an exclusive interview from the sidelines of the Fortune Brainstorm Finance Conference in Montauk, New York. "The reality is we feel good about the economy."

Bank of America BAC TheCEO's optimism is based on his bank's view into consumer spending — the central driver of the American economy.

People talk about recession, and they confuse it with slowing down." Bank of America CEO Brian Moynihan

After robust growth in 2018, Bank of America's customers have decelerated spending this year to pre-tax-cut levels.

However, Moynihan said spending is still consistent with 2% to 2.5% GDP growth.

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