Major U.S. banks have cautioned in their second-quarter results that lower-income customers are experiencing financial strain just months ahead of the presidential election.
JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc (NYSE:C), Wells Fargo & Co (NYSE:WFC), and Bank Of New York Mellon Corporation (BNY) (NYSE:BK) highlighted concerns over reduced savings and increased costs among consumers, reported The Financial Times.
Government stimulus programs during the COVID-19 pandemic initially shielded Americans from inflation, but as households have depleted these funds, the state of consumer financial stability could significantly impact November’s presidential election outcome.
Consumer sentiment, as indicated by the latest University of Michigan survey, has dropped ...