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Bank of America CEO: Fed Should Raise Rates Now
If Bank of America CEO Brian Moynihan had to make a wish list for the holiday season, it would probably include a December rate hike. Moynihan admitted in an interview on Tuesday what such a hike would do for his business. (Hint: good things.)
"[W]hen you have half a trillion dollars in zero interest deposits that are always zero interest and have hit a floor, and when you have loans repriced or rates going up, it's a good thing for a bank," he said. "And this has been a very tough environment."
Brian called October a strong month thanks to its "job formation," which helped create a strong economy. Only one month of fingers crossed, Brian. [BI]
