BofA CEO: Consumers Could Sour Without Interest Rate Cuts
BACBank of America(BAC) PYMNTS.com·2024-08-12 08:09

American consumers could become disheartened if the Federal Reserve doesn’t cut interest rates soon.That’s according to Bank of America CEO Brian Moynihan, who made that prediction in an interview with CBS News Sunday (Aug. 11), after the Federal Reserve said it would keep its rate at a range of 5.25%-5.5%. However, the central bank has said a rate cut could come as soon as next month if inflation keeps cooling.“They’ve told people rates probably aren’t going to go up, but if they don’t start taking them do ...