Bank of America CEO: The Federal Reserve Should Not Occupy Too Much Public Attention
According to Odaily, Bank of America CEO Brian Moynihan pointed out that the scale of the U.S. economy far exceeds that of the Federal Reserve (Fed), and the latter should not occupy so much public attention.
In an interview on CBS News' "Face the Nation" aired last Sunday, Moynihan was asked about Trump's upcoming nomination of a new Fed chair to replace Powell, and what this means for consumers.
"People are too obsessed with the Fed," Moynihan said.
He added that the economy is driven by the private sector, which includes small, medium, and large businesses as well as entrepreneurs.
"The idea that our fate depends on the Fed adjusting interest rates by 25 basis points is, in my view, simply out of whack," he stated. (Golden Ten Data)
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