Bank of America CEO Brian Moynihan says recession unlikely despite calls for more rate hikes

Bank of America chief executive Brian Moynihan told viewers on “Morning with Maria” that the Federal Reserve may need three more interest‑rate hikes this year, but a recession is unlikely. He said the Fed’s primary task is to curb inflation while keeping unemployment stable, noting that the recent decision to hold the federal funds rate at 3.5‑3.75% reflects a still‑strong U.S. economy.

Critics argue Moynihan’s outlook is overly pessimistic. They point to low unemployment, continued job gains and robust small‑business creation, as well as falling oil prices that have eased inflation pressures. The commentary suggests that additional tightening could harm borrowers and that inflation is likely to moderate without further hikes, challenging the CEO’s assessment.