Bank of America CEO Brian Moynihan said Wednesday that strong consumer spending so far this year means the Federal Reserve will probably hold off on cutting its benchmark interest rate.

Bank of America CEO Brian Moynihan has reportedly said the Federal Reserve is unlikely to cut rates this year as consumer spending remains strong. “Our research team has taken all rate cuts off the table because they thought that the dynamics of the potential inflationary effect would cause the Fed to hold back,

Bank of America said Friday that it paid its chief executive, Brian Moynihan, $35 million for running the bank last year. That’s a 21% jump from his compensation in 2023, which totaled $29 million. Ba

Chair and CEO Brian Moynihan said Wednesday the U.S. consumer remained in good shape and business investment stayed on a solid footing.