Bank of America CEO Brian Moynihan encouraged the Federal Reserve to ease up on its ultra-easy monetary policy
Speaking a day before the central bank, the head of the second-largest U.S. banks by assets told CNBC that inflation-related issues are top of mind for small business executives.
"I think the reality is the accommodation is not needed at the same level, clearly," Moynihan told CNBC's Becky Quick during a "Squawk Box" interview. "The question is, when do you remove it? And the great debate is when is [inflation] transitory or not transitory."However, policymakers insist that the recent rise is, including supply chain bottlenecks and pandemic-related demand, while the yearly numbers are distorted by the state of the 2020 economic shutdown.
Banks are awash in deposits and reserves while the Fed holds rates down and keeps buying Treasurys and mortgage-backed securities each month.
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