Bank of America CEO warns of consumer discouragement if Fed doesn't cut interest rates soon.

Bank of America CEO Brian Moynihan warns that US consumers may become discouraged if the Fed doesn't reduce interest rates soon. He emphasizes the importance of maintaining central bank independence for a healthy economy and highlights the negative impact on consumer behavior if rates aren't lowered. The Fed has indicated a potential rate cut in September if inflation continues to decline.

August 11, 2024
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