BofA CEO urges Trump administration to tackle US budget
3:18 pm Tuesday, November 12th, 2024
(Reuters) – Bank of America CEO Brian Moynihan said on Tuesday he expected President-elect Donald Trump’s incoming administration to tackle the U.S. budget.
Trump’s victory in the presidential election has contributed to a sell-off in government bonds in recent days as key elements of his economic plans such as tax cuts and tariffs are expected to lead to faster growth as well as higher inflation and wider budget deficits.
“One thing they have to make sure is that we start to handle the budget better,” Moynihan told the Yahoo Finance Invest conference. “It doesn’t mean there’s a crisis right now.”
Trump is better placed to tackle issues in his second four-year term, such as revenue and spending given his previous experience in the executive branch, Moynihan said.
“When you do it the second time, especially when you have time to think about it, I think they should hit the ground running,” the CEO said.
Moynihan said he is less concerned about inflation in the near term.
When asked if he would consider joining the Trump administration, Moynihan said: “I’ve got a great job and a great company.”
(Reporting by Saeed Azhar and Nivedita Balu;, Editing by Chris Reese, Lananh Nguyen and Jonathan Oatis)
