Bank of America CEO Brian Moynihan said the U.S. economy is strong and growing, rebuffing suggestions that the Federal Reserve needs to cut interest rates.
Moynihan spoke with CNBC ahead of his speech at the Consumer Bankers Association's annual conference. The 100-year old Washington D.C-based group represents the nation's big retail lenders. "I don't think we need to juice it," Moynihan said, referring to the economy."We're at a 2 percent plus growth economy, we've got low unemployment, and wages are growing faster than people think, and people are spending."
Source: Financial Digest (financialdigest.net)
He better hope his NPLs don’t balloon in the next 6-12 months.
Wages have been stagnant for 20 years
So, then why won’t the Fed raise rates?
Maybe it's a good place for the wealthy lol. I work at least 50 hours a week, I pay taxes, and I'm still literally stuck living paycheck to paycheck. I'm also stuck making monthly payments on a single X-ray that amounted to over $3000. That's 3k for an x-ray. Could be worse🤷♂️🤷♂️
I haven’t gotten a raise in 4 years. My husband gets a 2% raise every year; but our property taxes go up every year so that cancels out any raise, and trumps tax cuts actually were not a cut, we had to pay this year. So, yeah Mr. 1% keep telling me how my life is getting better.
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