BoA top official urges Fed to cut interest rates in September

Brian Moynihan, the CEO of Bank of America, requested the Federal Reserve to lower interest rates in order to relieve pressure on American customers during a week marked by significant volatility in the U.S. economy and market worries.

“They’ve got to be more careful than the downside of not starting to move down rates to restore a feeling that, you know, there’s light at the end of the tunnel,” he stated during a segment on “Face the Nation with Margaret Brennan.”

“They’ve told people rates probably aren’t going to go up, but if they don’t start taking them down relatively soon, you could dispirit the American consumer.”