Moynihan, the leader of one of the largest financial institutions in the world, said regardless of what the White House wants to call it, what matters is the real financial burden the current econo…
Bloomberg via Getty Images; Ron
Moynihan, who’s been Bank of America’s top executive since 2010, was more concerned about the rent costs, which don’t fluctuate like gas does. “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 told AP. 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.Moynihan said he still believes the average American consumer is in good shape and should be able to survive this period of economic uncertainty. Americans who have a fixed-rate mortgage largely have locked in low borrowing costs, he said.
“We see no deterioration in consumer behavior from the beginning of the year until now,” he said. While Americans aren’t saving money at previous rates, he said that’s likely due to rising costs.With Post Wires
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