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Bank of America Corp BAC

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Morningstar’s Analysis

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Unsurprisingly, FOMC Maintains Rates at Zero, Policy Update Could Be Next Real Change

Eric Compton, CFA Equity Analyst

Analyst Note

| Eric Compton, CFA |

The Federal Open Market Committee issued its latest statement on July 29 and, unsurprisingly, held the federal-funds rate at 0.0%-0.25% with a unanimous vote. Rates have been at zero since mid-March. Again, there really is no debate that rates ought to be at zero for now, unless you’re in the negative-rate camp, and the Fed has consistently said it is not seriously considering negative rates as a policy tool. The rate decision was not surprising, and there really wasn’t much else of note in the latest release. After a series of highly anticipated FOMC meetings and statements, this release certainly felt much less dramatic and appeared to simply be a continuation of a holding pattern. We expect that rates will likely remain at zero for years, as was signaled at the last FOMC meeting. We are leaving our current rate forecasts within our bank models unchanged, which currently project that the first rate hike will occur in 2023.

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Company Profile

Business Description

哪里玩赛车微信群 Bank of America is one of the largest financial institutions in the United States, with more than $2.3 trillion in assets. It is organized into four major segments: consumer banking, global wealth and investment management, global banking, and global markets. Bank of America's consumer-facing lines of business include its network of branches and deposit-gathering operations, home mortgage lending, vehicle lending, credit and debit cards, and small-business services. The company's Merrill Lynch operations provide brokerage and wealth management services, as does U.S. Trust private bank. Wholesale lines of business include investment banking, corporate and commercial real estate lending, and capital markets operations. Bank of America has operations in several countries.

Contact
100 North Tryon Street, Bank of America Corporate Center
Charlotte, NC, 28255
T +1 704 386-5681
Sector Financial Services
Industry Banks - Diversified
Most Recent Earnings Mar 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 209,000

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