American Express CEO reports decline in delinquencies and maintains strong spending.

• During the holidays, American Express CEO Stephen Squeri reported "good consumer spending" and observed indications of robust overall U.S. spending.
• Delinquency rates were lower in 2020 compared to 2019, as stated by Squeri on CNBC's Scott Wapner.
• The signs of resilient consumer spending run somewhat counter to persistent inflation.

During the holidays, U.S. spending showed signs of strength, according to CEO Stephen Squeri of the credit card company.

Delinquency rates were lower in 2020 compared to 2019, as stated by Squeri in an interview with CNBC's Scott Wapner at the American Express PGA Tour event in La Quinta, California.

"Premium customers are high-spenders and are consistently spending more," he stated.

Despite persistent inflation, consumer spending remains resilient, as indicated by the 0.3% increase in December's consumer price index, which was higher than the 0.2% predicted by economists.

Squeri stated that he is not surprised by the current economic situation in the US, as he believes the country is experiencing a "soft landing," which involves gradually reducing spending and lowering inflation, without causing a recession.

Earlier this week, JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon both expressed caution on the U.S. economy, with Dimon stating that he remains cautious and Solomon saying it's difficult to imagine the number of Federal Reserve rate cuts the market is calling for in 2024.

Recessions do occur, but the good news is that there is always a recovery, Squeri stated on Friday. We will overcome any challenges we face, thanks to our customers and colleagues who support them.

American Express reports its fourth-quarter earnings Jan 26.