If the U.S. Federal Reserve doesn’t begin lowering interest rates soon, American consumers could lose confidence, warned Bank of America CEO Brian Moynihan on Sunday.

In late July, the Fed maintained its policy rate in the 5.25%-5.50% range, where it has remained for over a year. However, the Fed indicated that a rate cut could be on the horizon as early as September if inflation continues to decrease.

“They’ve indicated that rates likely won’t go up, but if they don’t start bringing them down relatively soon, it could dampen the spirits of American consumers,” Moynihan said in an interview with CBS.

“Once the American consumer becomes truly pessimistic, it’s difficult to restore their confidence.”

When asked about Republican candidate Donald Trump’s suggestion that presidents should have influence over Fed decisions, Moynihan acknowledged that people can offer Federal Reserve Chair Jerome Powell advice, but it’s ultimately Powell’s responsibility to make the final decision.

“If you look at global economies, you’ll find that those where central banks operate independently and freely tend to perform better than those where they don’t,” he added

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