The Fed has to start cutting rates to avoid tipping the economy over, and 8 cuts are coming in the next 2 years, Bank of America chief Brian Moynihan says

• The Fed will slash interest rates eight times over the next two years, Bank of America predicted.
• Officials will want to avoid "tipping the economy over" with its policy, BofA CEO Brian Moynihan said.
• The New York Fed is pricing in a 63% chance the economy could enter a recession by the end of the year.

The Federal Reserve could end up slashing interest rates eight times over the next two years to prop up the US economy, according to Bank of America CEO Brian Moynihan.

Bank of America is forecasting that the Fed will issue four rate cuts in 2024 and in 2025, Moynihan said in an interview with Bloomberg on Thursday at the World Economic Forum. That implies 200 basis-points of rate cuts to come over the next few years, taking the Fed's benchmark rate down to the 3.25%-3.5% range.