Bank of America CEO urges Fed not to be too hawkish on rates

Golden Finance reported that Bank of America CEO Moynihan urged Federal Reserve policymakers to be measured in the extent of interest rate cuts. Moynihan said that the Fed's actions to raise borrowing costs in 2022 were "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 more times in 2025, each time by 25 basis points, when the final interest rate will reach 3.25%. He expects that under this scenario, the inflation rate will fall to 2.3% by 2025 and 2026. But Moynihan said the risk is that "they go too fast or too slow, and the risk is higher now than it was six months ago." (Golden Ten)