Economy

Bank of America’s Moynihan says the Fed can pull back on policy help

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Bank of America CEO Brian Moynihan encouraged the Federal Reserve to ease up on its ultra-easy monetary policy, saying Monday that the urgency for the pandemic-related response is abating.

Speaking a day before the central bank begins its June policy meeting, the head of the second-largest U.S. banks by assets told CNBC that inflation-related issues are top of mind for small business executives.

At the same time, the Fed is continuing to buy at least $120 billion of bonds each month and is holding benchmark short-term borrowing rates near zero.

“I think the reality is the accommodation is not needed at the same level, clearly,” Moynihan told CNBC’s Becky Quick during a “Squawk Box“…



Source cnbc.com

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