Bank of America CEO Brian Moynihan thinks Wall Street is Fed watching way too much: ‘They don't have the power to decide what the facts are' [Fortune]
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Source: Fortune
Wall Street has been waiting for months with bated breath to see when—or even if— Powell and his colleagues decide to cut the base rate , currently at a two-decade high. Earlier this year, experts who were fairly confident the Fed would make a number of cuts down from the 5.25% to 5.5% bracket are now beginning to question whether a reduction will happen at all this year. But Moynihan—who leads a team that handled $25 billion in flows of assets under management in Q1 2024— isn't waiting for a cue from Powell to make decisions. He says he's looking at the data to decide how well the economy's doing, which doesn't fall under the Fed's influence. Speaking to CNBC's ‘Closing Bell' on Tuesday, Moynihan said he believes analysts are “Fed watching way too much right now.” He explained the Fed had put a “huge constraint” on economic growth since the fiscal stimulus rolled out to push the economy through the pandemic, but that a slowdown in activity had taken longer than Fed experts
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