Bank of America CEO: The Federal Reserve should not occupy too much of the public's attention.

Bank of America CEO Brian Moynihan pointed out that the U.S. economy is far larger than the Federal Reserve (Fed), and the latter shouldn't occupy so much public attention. In an interview on CBS's "Face the Nation" program aired last Sunday, Moynihan was asked about Trump's impending nomination of a new Fed chairman to succeed Powell, and what this means for consumers. "People are too obsessed with the Fed," Moynihan said. He added that the economy is driven by the private sector, which includes small, medium, and large businesses and entrepreneurs. "The idea that our fate hangs on the Fed's 25-basis-point rate adjustment seems like complete nonsense to me," he stated. (Jinshi)