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How are consumers holding up during an uncertain time? Pretty well, according to Capital One's CEO.

Richard Fairbank, chief executive of the credit-card company—it's set to become the biggest in the U.S. via a merger with Discover Financial ( DFS ), which he yesterday called a "singular opportunity"—during a Tuesday conference call with investors called American consumers a “source of strength in the economy."

Here’s how Capital One's ( COF ) Fairbank broke down the state of the American consumer, according to a transcript of the call made available by AlphaSense:

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