Bank of America CEO Brian Moynihan spoke about American TV Over the weekend.
He warned the Federal Open Market Committee (FOMC):
- The Fed is in a position where it has to be careful not to slow down too much.
He was referring to the planting of spending among consumers:
- Well, in our consumer base of 60 million customers spending every week, what you see is that they Spending at growth rate This year compared to last year, so far in July and August, about 3%. Half the rate it was last year at this time. So the consumer slowed down.They have money in their accounts, but it’s draining a little bit. They’re working and making money, but if you look at it, they’ve slowed down a lot.
Analysts at Bank of America expect no recession in the United States, and a 25 basis point interest rate cut at the September and December meetings.
Bank of America CEO Brian Moynihan