The CEO of Bank of America, Brian Moynihan, said in an interview with BlockBeats on August 13th that the Federal Reserve should cut interest rates as the economy slows and consumers tighten their spending. Brian Moynihan said, 'The economy is slowing down, so we must be cautious because we have already achieved success in restraining inflation, and the inflation rate has dropped. Although it has not yet reached the level people hope for, we must be careful not to try to do it too perfectly and lead us into a recession.' The executive said Bank of America analysts do not predict a recession this year. Brian Moynihan added, 'They tell people that interest rates may not pump, but if they don't start cutting rates relatively quickly, it could undermine consumer confidence in the United States.'
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The CEO of Bank of America, Brian Moynihan, said in an interview with BlockBeats on August 13th that the Federal Reserve should cut interest rates as the economy slows and consumers tighten their spending. Brian Moynihan said, 'The economy is slowing down, so we must be cautious because we have already achieved success in restraining inflation, and the inflation rate has dropped. Although it has not yet reached the level people hope for, we must be careful not to try to do it too perfectly and lead us into a recession.' The executive said Bank of America analysts do not predict a recession this year. Brian Moynihan added, 'They tell people that interest rates may not pump, but if they don't start cutting rates relatively quickly, it could undermine consumer confidence in the United States.'