On August 13, Brian Moynihan, CEO of Bank of America, said in an interview that as the economy slows and consumers tighten spending, the Federal Reserve should cut interest rates as soon as possible. Brian Moynihan said: The economy is slowing down, so we have to be careful because we have won the fight against inflation, and inflation has come down. Although it has not come down to what people hope, we have to be careful not to try to do it so perfectly that it takes us into a recession. The executive said Bank of America analysts are not predicting a recession this year. Brian Moynihan added: They're telling people that interest rates may not rise, but if they don't start cutting rates relatively soon, it could hit U.S. consumer confidence.