Bank of America Corp. Chief Executive Officer Brian Moynihan said his firm’s strategists are still expecting a soft landing for the US economy rather than a recession, a prediction spurred by continued strength in consumer spending.

“We won’t have a recession,” Moynihan said Wednesday at a lunch hosted by the Economic Club of New York, noting that consumer spending has softened since earlier this year but remains strong, and that Bank of America customer savings continue to be robust as well.

READ MORE: Bank of America CEO Says Soft-Landing Projection Spurred By Strong Consumer