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.
“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,” Moynihan told The Associated Press during an interview at the Bank of America Tower near Bryant Park, where he talked about inflation and the current state of the economy, as well as the health of the U.S. consumer.
