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Bank of America CEO Brian Moynihan has criticized the market's excessive focus on the Federal Reserve, describing it as "backward." Speaking on CBS's 'Face the Nation' on December 30, Moynihan emphasized that the private sector, rather than minor interest rate adjustments, is the true driver of the U.S. economy. He acknowledged the Fed's importance during crises but argued it should remain "invisible" during normal economic conditions.Moynihan warned that any perceived loss of the Fed's independence could lead to severe market reactions, especially as concerns about policy manipulation grow. His comments come in the context of Trump's advocacy for interest rate cuts, which could influence risk-on assets.

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