It's time for the Federal Reserve to hike rates, Bank of America executives say. It's just not clear whether Janet Yellen agrees.
Right now there's a paltry 15 percent chance the Fed will hike rates at its June meeting, according to CME Group's FedWatch — and that's a big increase in odds from the beginning of this week, when it was closer to 4 percent. While few on Wall Street believe there's going to be an interest rate hike coming any time soon, Bank of America executives still sound like they're hoping for one.
"We would benefit from a more normal rate environment," Bank of America CFO Paul Donofrio said Wednesday at the Barclays Select Franchise Conference in London. "If rates would get there faster, it would help" boost the bank's returns.
He went on to say that the bank is implementing changes to help it offset the low rates at the Fed.