While there are about two weeks left for the FED to announce its January interest rate decision, interest rate cut expectations are increasing.
While the timing of the FED's interest rate cut is closely followed by the Bitcoin and cryptocurrency markets, the latest assessment came from Bank of America CEO Brian Moynihan.
Speaking to CNBC's Squawk Box program, BoF CEO seems more relaxed than many on Wall Street who are looking forward to the FED cutting interest rates.
Brian Moynihan said that although he is comfortable about whether the FED will cut interest rates or when the cuts will occur, he thinks the FED, led by Jerome Powell, will cut interest rates four times in 2024.
“The FED should normalize now and then get out of the way. Because the truth is that everything is being prepared for the FED to normalize the interest rate environment. Incoming economic data show this.
At this point, I think there will be four interest rate cuts for 2024 and four for 2025.
But we must remember that the Fed's long-term work is not just to get inflation under control, but also to get interest rates back to normal levels for consumers. “
"The Fed's got to get normalized and then get out of the way," says @BankofAmerica CEO Brian Moynihan. "We have four rate cuts for this year, four in 2025. We've got to get the rate structure in a way that has more flexibility up and down." pic.twitter.com/n8FVRw2Yx5
— Squawk Box (@SquawkCNBC) January 16, 2024
*This is not investment advice.
