The U.S. economy grew at a much greater-than-expected pace in the third quarter, boosted by strong consumer spending, a delayed report released Tuesday showed. U.S. GDP, a sum of all goods and services produced in the sprawling U.S. economy, expanded by 4.3% in the July-September period, the Commerce Department said in its initial reading of third-quarter growth. CNBC's Rick Santelli breaks down the numbers. Read more: cnb.cx/4scydh7 | CNBC

When asked why Americans have a low sentiment of the economy, but consumer spending is up, Bank of America CEO Brian Moynihan says “it’ll take a little while” for inflation to subsist, after several years of uneven recovery following the pandemic in 2020. “It's this question of affordability and prices and trying to figure out how that – because we had a very strange process from ’20 through now. We had COVID lockdown, then we had all the stimulus, and we had high inflation, and then we had wage