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

In an interview, Brian Moynihan, CEO of Bank of America, stated that the Federal Reserve should cut interest rates as soon as possible due to economic slowdown and consumer spending tightening. Brian Moynihan said: The economy is slowing down, so we must be careful because we have already achieved victory in curbing inflation and the inflation rate has dropped. Although it hasn't dropped to the level people hope for, we must be careful not to try too hard to be perfect and lead us into a recession. This executive stated that Bank of America's analysts do not predict a recession this year. Brian Moynihan added: They tell people that interest rates may not rise, but if they don't start cutting rates relatively quickly, it could hit American consumers' confidence.