On October 12, Gralunhui | After the quarterly performance of the two major banks in the USA exceeded expectations, the management believes that overall consumer spending remains strong, but spending is limited by the middle and lower classes affected by high inflation. JPMorgan's Chief Financial Officer Jeremy Barnum stated at an analyst meeting that based on the data held by the bank, overall consumer spending by American customers is performing well, whether it is for travel or dining out, roughly recovering to pre-COVID-19 levels. This is mainly due to the strong job market and easing concerns about the economic outlook. Wells Fargo & Co Chief Financial Officer Michael Santomassimo also stated that based on the performance of spending with credit and debit cards, last quarter's consumer spending slightly decreased compared to last year, but remained stable. He believes that high inflation puts significant pressure on middle and lower-class consumers, and the question is whether the situation will extend to upper-middle-class consumers. The bad debt provisions made by JPMorgan in the last quarter increased from $1.38 billion in the same period last year to $3.11 billion, while Wells Fargo & Co's provisions decreased from $1.2 billion to $1.07 billion.