Bank of America CEO: The Federal Reserve should cut interest rates as soon as possible, as the inflation rate has already declined.
On August 13, Bank of America CEO Brian Moynihan stated in an interview that as the economy slows and consumers tighten their spending, the Federal Reserve should cut interest rates as soon as possible.
Brian Moynihan said: "The economy is slowing, so we have to be careful because we have already won the battle against inflation, and the inflation rate has come down. Although it has not yet reached the level that people hope for, we must be careful not to try to be too perfect and end up in a recession."
The executive stated that Bank of America's analysts do not predict a recession this year. Brian Moynihan added: "They tell people that interest rates may not rise, but if they do not start cutting rates relatively quickly, it may undermine the confidence of American consumers."
