Bank of America CEO Brian Moynihan said the White House arguing about the definition of a recession is not helpful because Americans are being hit by high prices.
Brian Moynihan, CEO of Bank of America, said that recent quibbling over whether the U.S. economy is technically in a recession or not is missing the point. What matters is that current economic conditions are negatively impacting those who are most vtold FOX Business that he expects the Federal Reserve to inadvertently trigger a downturn this year with its war on inflation.
"This cycle probably ends in a mild downturn," Gapen said. "How do I come to that? It's basically just history. It's really hard to achieve a soft landing." Soaring inflation and falling consumer confidence have been negative factors, but on the plus side the monthly jobs report is still strong.U.S. employers unexpectedly added 528,000 jobs in July. Wage growth also accelerated, surging by 0.5% in the one-month period from June.
Moynihan cited gas prices and rent as two major issues negatively impacting average Americans. He said they are reasons to be concerned. The national average for a gallon of gasoline soared to just over $5 in June before falling back below $4 last week. Moynihan told the AP that rents are a bigger concern."Gas prices are coming back down, but rents are going up 10, 12, 15%. And rent can end up taking 40% of these households' income," Moynihan said.
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