Brian Moynihan, CEO of Bank of America, warned on the CBS News program "Face the Nation" that the market's focus on the Federal Reserve has become "obsessive." He emphasized that the US economy is primarily driven by the private sector, not by the Fed's interest rate adjustments, stating, "The idea that our fate depends on the Fed adjusting rates by 25 basis points, in my view, is completely misguided."Moynihan acknowledged that the Fed plays a crucial role in extreme situations such as financial crises and pandemics but said that during normal times, "people really shouldn't feel its presence." He also warned that if the Fed loses its independence, the market will punish it.The background is that Trump has been continuously demanding larger rate cuts and putting pressure on the Fed. Capital Economics predicts that because core inflation will remain above the 2% target for a long time, the Fed may only cut rates by 25 basis points in 2026, which will lead to an almost immediate confrontation between Trump and his appointed new Fed chairman.