According to ChainCatcher, Bank of America CEO Brian Moynihan said in an interview that the Federal Reserve should cut interest rates as soon as possible as the economy slows and consumers tighten spending. Brian Moynihan said: "The economy is slowing down, so we have to be careful because we have won in curbing inflation and the inflation rate has fallen." The executive said that Bank of America analysts do not predict a recession this year. Brian Moynihan added: "They tell people that interest rates may not rise, but if they don't start cutting interest rates relatively quickly, it may hit the confidence of American consumers."