In an interview with CNBC at the World Economic Forum in Davos, Switzerland, Brian Moynihan, CEO of Bank of America (BoA), said that if proper regulation makes crypto payments "a reality," then "the banking system will be tough on transactions." In this case, crypto transactions would simply be seen as another payment type alongside credit cards, debit cards, and Apple Pay., Brian Moynihan said: "We already have hundreds of blockchain patents...
Bank of America CEO Moynihan has urged Federal Reserve policymakers to be measured in how much they cut rates. Moynihan said the Fed moved "too late" to raise borrowing costs in 2022 and now they have to make sure they don't go too far in cutting rates. He expects the Fed to cut rates by another 50 basis points before the end of the year and then four more times in 2025 by 25 basis points each, at which point the end point rate will reach 3.25%. He expects inflation to be...
Mr. Moynihan believes the US will regret it if it does not balance its spending with economic growth. If this is not addressed, the US risks losing its economic "gold standard" status. At the same time, he said that the debt problem is not a problem that the new government can deal with in its first week in office, nor is it a problem of the old government staying in power - it is a matter of discipline that spans time.