by Reuters
Reuters.com
Sept 25 (Reuters) – The Federal Reserve seems to be winning the inflation battle in the United States, Bank of America (BAC.N), opens new tab CFO Alastair Borthwick said, days after the central bank cut interest rates for the first time in more than four years.
“The Fed winning the inflation battle is important for the economy. It appears they are winning that battle,” Borthwick said at a conference on Wednesday.
The comments echo Fed Chair Jerome Powell’s view that the country’s bout with high inflation was over. The central bank last week reduced rates by 50 basis points as it shifts focus to sustaining lower unemployment.