Bank of America CEO Brian Moynihan appeared on “Face the Nation with Margaret Brennan” to discuss the current state of the economy. According to Moynihan, the bank’s economists still predict no rate hikes this year and no recession, despite recent job losses.
Moynihan explained that while growth has slowed due to the impact of trade wars and tariffs, it will take time for inflation to be brought under control. He predicted that interest rates will only rise slightly, around 3-3.5%, which is a more normal rate after the global financial crisis.
The CEO also addressed concerns over the impact of artificial intelligence on jobs, stating that while technology has increased efficiency and productivity, it has not yet significantly impacted employment. Moynihan pointed to historical data showing that despite increasing automation, the US economy has continued to grow and hire new workers.
Moynihan expressed concern over the recent firing of the head statistician who provides jobs numbers, but attributed this move to politics rather than a change in approach. He emphasized the importance of getting accurate and reliable data, which is essential for making informed decisions about economic policy.
The CEO also discussed Bank of America’s business practices, including its stance on lending to conservative businesses and dealing with regulatory scrutiny. Moynihan assured that the bank makes lending decisions based on risk assessment and not politics, but acknowledged that clarity from regulators would be helpful in avoiding second-guessing.
Source: https://www.cbsnews.com/news/brian-moynihan-bank-of-america-ceo-face-the-nation-08-03-2025