Bank of America CEO Moynihan: Higher Oil and Gas Prices Are Likely to Keep Inflation Elevated into 2027 and 2028

RUSH EXCERPT:
MOYNIHAN: "So the price of oil and gas affects not only the gas at the pump, which is what you’re first reflecting on. And that has actually started coming down as the prices rise it might rise back up but basically when we were running around a $100 barrel equivalent You are run in about four dollars change I guess price had come down from month to May to June because That’s one boy will start flowing more. But if talk businesses its different with consumer season concerning nature that is out there. But when business see it, they worry about the cost of goods that’s coming through The pipeline so good to being manufactured now have you imported oil and gas To go into plastics production or material Production whatever was during time Gas prices are high That’s why our team has inflation staying higher all we in 27 28 And by Federal Reserve will probably Our belief raise rates where six months ago They thought fed would be cutting rate actually Believing No Rates I think we’re going to have to raise rates to fight off this inflation and it will take them a lot of good throw."