Big US banks have warned that lower-income customers are showing signs of financial stress just a few months ahead of the presidential election.
In second-quarter results on Friday, JPMorgan Chase, Citigroup, Wells Fargo and BNY cautioned about consumers grappling with lower savings and higher prices.
Government stimulus programmes during the Covid-19 pandemic helped insulate Americans from inflation in recent years, but as households have spent the money, the financial health of the consumer could play a crucial role in the outcome of November’s presidential vote.
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