Bank of America CEO: The Federal Reserve will keep interest rates unchanged for the next two years

The current pricing of interest rate futures indicates that the Federal Reserve will lower the policy interest rate by 25 basis points to a range of 4.00%-4.25% at its June meeting, and there is over a 70% chance it will cut rates again as early as September. However, Bank of America CEO Brian Moynihan said on Tuesday that the bank expects the Fed to keep rates steady for this year and next. He pointed out at a conference in Washington: "It takes many years to squeeze out inflation, and the Fed's efforts to control inflation are likely to continue until 2026." The Personal Consumption Expenditures (PCE) report expected on Friday will show progress made by the Federal Reserve in combating inflation.