Summary
- Brian Moynihan reaffirmed his existing 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 ease further, explaining the basis for his forecast of three more rate hikes.
- Moynihan said spending patterns among high-income and low-income consumers are gradually converging, calling it 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 ease further. That forms the basis for his call for three additional rate hikes.
He also said spending patterns among high-income and low-income consumers are gradually converging, calling it a positive sign for the U.S. economy.
JH Kim
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