“Recession is a word. Whether we are in a recession or not is really not the important thing. It’s what it feels like for the people going through this.”
Brian Moynihan, CEO of Bank of America, is photographed at the Bank of America Tower, Wednesday, Aug. 17, 2022, in the Manhattan borough of New York. Moynihan, 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 vulnerable.or not is missing the point.
The issue of whether the U.S. economy is in recession has become politicized heading into the 2022 mid-term elections. While inflation is at a level not seen since the early 1980s and U.S. consumer confidence is falling, other measures of the economy, such as the monthly jobs report, are still strong. In response to high consumer and wholesale prices, the Federal Reserve has been raising interest rates aggressively in hopes of taming inflation while not causing too much economic damage.
“Gas prices are coming back down, but rents are going up 10, 12, 15 percent. And rent can end up taking 40% of these households' income,” Moynihan said. Rent accounts for about one-third of the government’s Consumer Price Index, which showed a year-over-year“We are worried about, for the U.S. broad-based consumer, is the increased rents as we go into the natural turn of rents ,” he added.
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