Bank of America CEO: 3 rate cuts this year will bring economy into equilibrium by the end of 2025

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CNBC’s Leslie Picker and Bank of America CEO Brian Moynihan join ‘Squawk on the Street’ to discuss the state of the economy, strength of the consumer, the Fed’s rate path outlook, the impact of Capital One-Discover deal, regional bank turmoil, and more.

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37 COMMENTS

  1. Bank of America is a Business. When Mr Moynihan says this; “Thus far, well-reported “resilient” consumers have managed to keep up their spending despite a combination of inflation and higher base rates, mitigating the much-anticipated slowdown of the economy.”

    He is stating exactly what the Fed is trying to stamp down with higher interest rates. The Fed wants people to stop spending.

    Moynihan is worried about his company, not the people.

    And Jerome Powell has said more bank failures are likely. Sorry BoA.

    Thank you for Fractional Banking Bank of America. Keep lining your pockets.

  2. The Merill Edge platform at Bank of America would have been a good choice if it were not so easily hacked and vulnerable to theft (missing dividends)

    It seems a group of employees within are benefitting financially at the expense of small investors and bank of America is ignoring this 🙂

  4. I think it's a shame that they close the bank up on Saturdays. Indoor service, we need indoor service. Trying to change the world to computers is not a great thing for everyone. older people would rather deal with Bank of America's .
    Employers

  7. Odd that he couldn't answer the question, why is there a reason to lower rates. If everything remains the same for the year, I would argue no rate cuts.

  9. At least Jim asked the question. But Moynihan double talked it and Jim didn’t follow up. WE NEED DEFLATION. Prices have doubled and we need a deep recession to fix it. Period. It’s coming.

  14. Your poverty is designed by others, because everyone has 50 million, who will take out the garbage, wash the toilet, and sell vegetables. Therefore, most of this society needs to be driven by experience, pain, and money. What kind of people can be driven by money? Money can drive people who have no money. Therefore, the richest person’s greatest asset is not his money, but his money. They are a group of poor people who have no money. Therefore, if this society wants to operate conscientiously and continue to develop, it must keep the vast majority of people without money, so your income has been calculated. A person graduates from college at the age of 22, and graduates from college at the age of 60. After retirement, apart from being sick and hospitalized, getting married and having children, you only have 10,000 days of work to do. If you can earn 200 US dollars a day and 6,000 US dollars a month, let me tell you, your wealth limit will be 2 million US dollars in your lifetime. If you are more miserable and have a lower social status, earning US$100 a day and US$3,000 a month, but not losing your job, taking a break, or getting sick, the upper limit of your wealth in your lifetime is US$1 million, so your poverty is by design. Yes, since you know that children from ordinary families have no other way out, just sell them well.

  15. HUH – market soared when they thought 6 rates cuts. Now we might be lucky to get 3 and market still going up. This is silly, if you are in the market, you deserve the crap that is gonna hit soon and hard. Enjoy.

  17. This is one of the worst CEO ever. Two years in row with pay cuts, only bank not to recover. EPIC 130B in bond purchase when the rates were all time lows. BOARD needs to wake up and fire this guy and CFO ASAP.

  18. BofA has never been aggressive on ltv
    plus they require a personal guarantee and they will pursue it.
    i'm not worried about the bank of italy's credit quality.

  20. No surprise that a bank CEO wants rate cuts. But unemployment is low and inflation is still elevated. If we didn't have a money-printing POS in charge of the Fed we'd be raising rates – not cutting them.

  30. "Three rate cuts this year and we can unload a lot of the long term bonds we stupidly bought right before the rate hikes". Sorry, the fed doesn't care about your dumb decision to chase an extra 0.2% in yield right before they hiked. How about we make sure inflation is dealt with first.

  31. Why do we keep hearing that wages went up? Whos and all the union contract wins are laying people off now. Government job wages don't/shouldn't count. Just a giant false narrative from the current administration.

  32. Yeah! and a home was a fraction at “there” rates of the past and wages have not caught up in comparison to “there” time.

    Then he says a Fed funds of 3-3.5% next year. That transitions to home borrowing rates in the high 5’s for a fix30.

  33. US FED, please don't cut rates, don't listen to these crying CEOs, all they want is free interes money so that they can pay themself more bonuses, and if CEOs want more equilibrium they all should cut in half their salaries and bonuses…

  36. Asked that man what went down and why should we have confidence moving forward and he just said a bunch of words and never really answered the question, just misdirection…..this guy is good

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