BofA CEO: Struggling Americans feel they are in a recession
NEW YORK (AP) — The CEO of Bank of America said the recent debate 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. Brian Moynihan told The Associated Press that higher gas prices and rising rents are of particular concern when he looks at the health of the U.S. consumer. While gas prices have come down a bit recently, rents are still going up. But overall, the BofA CEO said he believes the American consumer is in good shape and able to withstand the economic turbulence.
Fed saw evidence of a slowing economy at its last meeting
WASHINGTON (AP) — Federal Reserve officials saw signs that the U.S. economy was weakening at their last meeting but still called inflation “unacceptably high” before raising their benchmark…