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Upgrade to Premium Bank of America CEO Urges Fed to Not Go Too Hard on Rate Cuts Bank of America CEO Urges Fed to Not Go Too Hard on Rate Cuts · Bloomberg Haidi Lun and Harry Brumpton Tue, Oct 22, 2024, 8:30 PM 1 min read
(Bloomberg) — Bank of America Corp. Chief Executive Officer Brian Moynihan has urged Federal Reserve policymakers to be measured in the magnitude of interest rate reductions.
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The Fed were “late to the game” in lifting borrowing costs in 2022 and now they’ve got to make sure they don’t go too far with cuts, Moynihan said in an interview with Bloomberg TV in Sydney on Wednesday in his first trip to Australia, where the bank is marking 60 years of business.
Moynihan, 65, is one of the longest-serving chiefs among the top US banks, and has signaled his intent to stay on for years to come. He was promoted to CEO in 2010 as Wall Street emerged from the subprime mortgage crisis, and has shepherded the lender through the Covid-19 pandemic and the banking industry crisis that destroyed Credit Suisse and Silicon Valley Bank.
Moynihan’s visit to Australia included a meeting with King Charles, who is also in the country to discuss the Sustainable Markets Initiative, which the banker chairs.
Moynihan said during third-quarter earnings last week that the firm expects “no landing” for the US economy, referring to a situation in which growth stays strong, forcing central banks to remain hawkish on their inflation fight for longer.
US consumers are still cashed up from savings they accrued during the pandemic, the bank has said, though some households have recently showed signs of becoming more budget conscious. Investors are closely watching spending behavior to help predict how the Fed will decide to cut interest rates.
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