According to Odaily, Bank of America CEO Brian Moynihan emphasized that the U.S. economy's scale surpasses that of the Federal Reserve, suggesting that the latter should not dominate public attention. In an interview on CBS's 'Face the Nation' aired last Sunday, Moynihan discussed the implications of U.S. President Donald Trump's upcoming nomination of a new Federal Reserve Chair to replace Jerome Powell and its impact on consumers.
Moynihan remarked, "People are overly fixated on the Federal Reserve." He further explained that the economy is driven by the private sector, which includes small, medium, and large businesses, as well as entrepreneurs.
He criticized the notion that the country's fate hinges on the Federal Reserve's decision to adjust interest rates by 25 basis points, calling it misguided.