Bank of America CEO calls for Fed rate cuts

Brian Moynihan, CEO of Bank of America, said that if the US Federal Reserve (Fed) does not start cutting interest rates soon, it could have a negative impact on US consumer sentiment. The Fed kept its benchmark interest rate in the same 5.25%-5.50% range at the end of July, where it has been for more than a year, but has indicated that it could cut rates as early as September if inflation continues to moderate. In an interview with CBS, Moynihan stressed that although the central bank has previously communicated that interest rates are unlikely to rise further, a delayed rate cut could have a negative impact on consumers.