Affordability pain is real, but resilient consumers are still infusing money into the economy, Brian Moynihan , CEO of Bank of America, said at the Axios House News Shapers summit in Washington, D.C. Why it matters: The U.S. economy sits on a remarkably durable foundation , supporting consumer spending even with hot inflation. But at the same time, Americans tell pollsters economic conditions is at rock bottom, fueling a political reckoning over affordability. - "There's a say-do paradox," Moynihan said. "The question is, what are people actually doing?" Driving the news: Two things can be true, Moynihan explained to Axios' Mike Allen. - "Affordability is a real issue," he said. But he added, "what people are doing is still spending…
Major U.S. banks have reported record profits despite ongoing inflation and economic pressures tied to the war with Iran and disrupted trade in the Strait of Hormuz.
Major U.S. banks have reported record profits despite ongoing inflation and economic pressures tied to the war with Iran and disrupted trade in the Strait of Hormuz. PULSE POINTS WHAT HAPPENED: America’s largest banks reported a combined $43 billion in second-quarter profits, exceeding analysts’ expectations despite ongoing conflict with Iran, persistent inflation, and broader economic uncertainty. JPMorgan Chase led the group with $21 billion in profit, boosted by a $4.6 billion gain tied to its stake in Visa, as well as strong investment banking activity driven by mergers, acquisitions, and artificial intelligence (AI) financing deals. DETAIL: Goldman Sachs earned $6.6 billion, while Bank of America posted $9 billion on strong…Open