On February 25, Bank of America's CEO, Brian Moynihan, stated that the Federal Reserve is expected to keep rates unchanged this year and into the next, with efforts to control inflation likely extending until 2026. Speaking at a conference in Washington, Moynihan highlighted the necessity of a long-term strategy to combat inflation, noting, "It takes multiple years to squeeze inflation out."
Moynihan also advocated for simplifying U.S. bank regulations, emphasizing the importance of establishing a consistent regulatory framework. He stressed the need for stability, stating, "Get us the rational regulatory structure and have it stick to the ribs," expressing concerns about the impact of shifting policies on client trust.
Furthermore, Bank of America and JPMorgan announced plans to engage with the White House and Congress to address allegations of politically motivated closures of conservative customers' accounts. Moynihan, echoing industry sentiments, emphasized the importance of addressing regulatory issues related to anti-money laundering, know-your-customer practices, and reporting requirements. He emphasized the need for constructive dialogue to refine these regulations, affirming, "It's about getting these regulations right."