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Bank of America CEO: Federal Reserve Should Not Occupy Too Much Public Attention
Summary: In an interview aired on CBS's 'Face the Nation' last Sunday, Bank of America CEO Brian Moynihan pointed out that the size of the US economy far exceeds that of the Federal Reserve (Fed), and the latter should not occupy so much public attention. When asked about President Trump's upcoming nomination of a new Fed ...
In an interview aired on CBS's 'Face the Nation' last Sunday, Bank of America CEO Brian Moynihan pointed out that the size of the US economy far exceeds that of the Federal Reserve (Fed), and the latter should not occupy so much public attention.
When asked about President Trump's upcoming nomination of a new Fed chairman to replace Powell and what this means for consumers, Moynihan said, 'People are too obsessed with the Fed.'
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 is tied to the Fed adjusting interest rates by 25 basis points is, in my opinion, a mess,' he said.
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