BofA CEO Reaffirms Forecast for Fed Rate Hikes in September, October and December
JH Kim
Summary
- Brian Moynihan reaffirmed his forecast that the Federal Reserve will raise its benchmark interest rate in September, October and December.
- Moynihan said the U.S. labor market remains strong and inflation still needs to cool further, explaining the rationale for his call for three rate hikes.
- Moynihan said spending patterns among higher-income and lower-income consumers are becoming more alike, a positive sign for the U.S. economy.
Forecast Trend Report by Period
Bank of America Chief Executive Officer Brian Moynihan reaffirmed his forecast that the Federal Reserve will raise its benchmark interest rate in September, October and December, Walter Bloomberg reported on August 5.
Moynihan said the U.S. labor market remains strong, while inflation still needs to slow further. That forms the basis for his expectation of three rate hikes.
He also said spending patterns among higher-income and lower-income consumers are becoming increasingly similar, calling it a positive sign for the U.S. economy.
JH Kim
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