On August 13, Brian Moynihan, CEO of Bank of America, 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 must be careful because we have won in curbing inflation and the inflation rate has fallen. Although it has not yet dropped to the level people hope, we must be careful not to try to be too perfect and bring us into a recession. The executive said that analysts at Bank of America 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.