Bank of America (BOFA) CEO Brian Moynihan said the Biden administration is out of touch and fighting a battle of semantics instead of acknowledging the very real pressures Americans are enduring amid record-high inflation.

BOFA’s CEO since 2010, Moynihan maintained that “a bunch of people in Cambridge, Massachusetts” are the ones who decide if the U.S. is technically in a recession – and thus he would not commit – but he added the White House’s attempt to spin the concept of recession is not helpful in the least.

“Recession is a word. Whether we are in a recession or not is really not the important thing,” he said in an Associated Press interview Thursday.

“It’s what it feels like for the people going through this.”