Bank of America CEO calls for the Fed to start cutting rates
In a recent interview on CBS News'"Face the Nation," Bank of America CEO Brian Moynihan urged the Federal Reserve to consider lowering interest rates to prevent a potential economic downturn."In our consumer base of 60 million customers spending every week, what you're seeing is they're spending at a rate of growth of this year over last year, for July and August so far, about 3%.
"We've won the war on inflation, it's come down. It's not where people want it yet, but we got to be careful that we don't try to get so perfect that we actually put us in recession," he said to the CBS host. When questioned about political influences on the Federal Reserve, especially in light of former President Donald Trump's recent comments suggesting greater presidential control over the Fed, Moynihan defended the institution's independence.
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