‘We’ve gotten out of whack’ by fixating so much on Fed rates, but the loss of its independence will be punished, BofA CEO Brian Moynihan says

Bank of America CEO Brian Moynihan pointed out the U.S. economy is much bigger than the Federal Reserve, which shouldn’t merit so much attention.

In an interview with CBS News’ Face the Nation that aired Sunday, he was asked about President Donald Trump’s upcoming nomination of a new Fed chair to replace Jerome Powell and what it means for consumers.

“There’s too much fascination with the Fed,” Moynihan said.

The economy is driven by the private sector, which includes small...