Bank of America Corp. Chief Executive Officer Brian Moynihan on Wednesday played down fears of a potential U.S. recession, saying strong consumer spending could keep the economy growing.

"The underlying consumer is doing well and making more money. More importantly, they're spending more money," Moynihan said in a CNBC interview.

Fears of a U.S. recession have escalated on the back of a protracted trade war between the United States and China, with yields on 2-year and 10-year Treasury notes last week inverting for the first time since 2007 in a classic recessionary signal.

Moynihan, however, said the yield curve does not have to indicate recession.