According to Odaily, Bank of America CEO Brian Moynihan has called for the Federal Reserve to lower interest rates promptly in response to the current economic slowdown and reduced consumer spending. Moynihan emphasized the importance of caution, noting that while inflation has decreased, it has not yet reached the desired levels. He warned against striving for perfection in inflation control at the risk of triggering a recession.
Moynihan highlighted that a delay in reducing interest rates could negatively impact consumer confidence in the United States. He pointed out that investors are looking for data that falls within a 'sweet spot'—cool enough to justify a rate cut in September but warm enough to alleviate recent recession fears affecting the market.
