The CEO of Bank of America (BofA) has weighed in on the recession debate, saying that it does not matter if the Biden administration believes the U.S. economy is technically in a recession or not when current economic conditions are hurting the most vulnerable households.
“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 told The Associated Press.
Moynihan, who has been BofA’s CEO since 2010, stopped short of saying whether or not he personally believes the U.S. economy is currently in recession, pointing instead to the National Bureau of Economic Research (NBER), the organization that has the final say on whether recessions begin and end….