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Bank of America CEO Brian Moynihan said on Sunday that American consumers could become frustrated if the Federal Reserve, the U.S. central bank, doesn’t start cutting interest rates soon.
The Fed kept interest rates in a range of 5.25% to 5.50% late last month but said it could start cutting rates in September if inflation continues to slow.
“They’ve been telling people that rates may not go up, but if they don’t start lowering them soon, that could dampen confidence among American consumers,” Moynihan added in an interview with CBS.
He continued, “Once American consumers start to feel frustrated, it’s very hard to boost their morale.”
Asked about Republican candidate Donald Trump’s statement that the president should have a say in Fed decisions, Moynihan said: “The people are free to make recommendations to Speaker Jerome Powell and he decides what to do.” (Reuters)
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