Bank of America CEO Warns FED About Interest Rates!
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Bank of America CEO Brian Moynihan warned the Fed not to delay cutting rates.

While the FED has been keeping its policy interest rate at a range of 5.25%-5.50% for a long time, at a 23-year high, all eyes are on September for the first interest rate cut.

In his statement following the July interest rate decision, FED Chairman Jerome Powell signaled that an interest rate cut could be made in September if inflation continues to fall.

At this point, a 25 basis point discount in September is priced at 51.5%; a 50 basis point discount is priced at 48.5%.

While a rate cut was almost certain in September, Bank of America CEO Brian Moynihan warned the FED.

The famous CEO said in his statement that if the Fed does not start lowering interest rates relatively soon, US consumers may become desperate.

Speaking to CBS News, the BoF CEO said:

“They told people that interest rates probably wouldn’t go up. But if they don’t start lowering rates relatively soon, like September, you could disappoint the American consumer.

“Once the American consumer starts to become really negative, it's very hard to win them back.”

The Bank of America CEO was also asked about US presidential candidate Donald Trump's statement that presidents should have a say in Fed decisions.

“People are free to advise Fed Chair Powell, but ultimately it's up to the Fed chair to decide what to do,” Moynihan said. “When you look at world economies, countries where central banks are independent and operate freely are in better shape than those that are not.”

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