Published Date Sep 27, 2023

Bank of America (BAC) CEO Brian Moynihan says the Federal Reserve “has won” against inflation, but pressures like the strength of the US consumer may keep interest rates higher for longer.

Speaking at a luncheon hosted by the Economic Club of New York on Wednesday, Moynihan said the Federal Reserve needed to tame inflation by slowing the spending pace of the US consumer—and according to the bank's own data, that strategy has worked.

READ MORE: Stocks seesaw as yields continue climb, oil hits fresh highs: Stock market news today

By Caroline Gaudette

571 Views,

Flag

Please sign in to flag this as inappropriate.

• Tweet