NEW YORK — The CEO of Bank of America stated the current argument over whether the U.S. economy is technically in a economiccrisis or not is missingouton the point. What matters is that existing financial conditions are adversely affecting those who are most susceptible.
“Recession is a word. Whether we are in a economiccrisis or not is truly not the essential thing. It’s what it feels like for the individuals going through this,” Brian Moynihan informed The Associated Press throughout an interview at the Bank of America Tower in midtown Manhattan, where he talked about inflation and the existing state of the economy, as well as the health of the U.S. customer.
The problem of whether the U.S. economy is in economiccrisis hasactually endedupbeing politicized heading into the 2022 mid-term elections. While inflation is at a level not seen giventhat the early 1980s and U.S. customer self-confidence is falling, other steps of the economy, such as the regularmonthly tasks report, are still strong. In action to high customer and wholesale costs, the Federal Reserve hasactually been raising interest rates strongly in hopes of taming inflation while not triggering too much financial damage.
Moynihan, who hasactually been BofA’s CEO giventhat 2010, would not state the U.S. economy is in economiccrisis, stating that statement will have to come from “a lot of individuals in Cambridge, Massachusetts,” a referral the National Bureau of Economic Research, the nonpartisan company that identifies when economicdownturns start and end.