Bank of America CEO: The Federal Reserve should cut interest rates as soon as possible, as inflation has already decreased

ChainCatcher News, Bank of America CEO Brian Moynihan stated in an interview that the Federal Reserve should lower interest rates as soon as possible due to the economic slowdown and consumers tightening their spending.

Brian Moynihan said: "The economy is slowing down, so we have to be careful because we have already won the battle against inflation, and the inflation rate has come down."

The executive noted that Bank of America's analysts do not predict a recession this year. Brian Moynihan added: "They tell people that interest rates may not go up, but if they don't start lowering rates relatively quickly, it could hurt the confidence of American consumers."