Bank of America CEO urges Fed not to be too hawkish on rates
Bank of America CEO Moynihan urged Federal Reserve policymakers to be measured in their interest rate cuts. Moynihan said that the Fed's action to raise borrowing costs in 2022 was "too late," and now they must ensure that they do not go too far in cutting interest rates. He expects the Fed to cut interest rates by another 50 basis points before the end of this year and then cut interest rates four times in 2025, each time by 25 basis points, with the final end rate reaching 3.25%. He expects that in this scenario, inflation will fall to 2.3% by 2025 and 2026. However, Moynihan said the risk is that "they move too fast or too slow, and the risk is higher now than six months ago.
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