Bank of America (ferry) CEO Brian Moynihan acknowledged that the Federal Reserve may have some challenges under the incoming Trump administration, but should not fight for its independence.

“I think our Federal Reserve, an independent central bank, is a good place to be,” Moynihan told Yahoo Finance Invest conference call on Tuesday. “I think he (Fed Chairman Jerome Powell) has (done a good job). I think he’s done a good job working through the system.”

Trump has been a vocal critic of Powell for years, suggesting he would fire him if re-elected. Powell said at the Fed’s most recent rate-setting meeting that he would not be forced out and that legally it cannot be.

Moynihan added that he expects one more rate cut from the Fed this year, followed by four more cuts in 2025.

Read more: What Fed rate cuts mean for bank accounts, CDs, loans and credit cards

Bank of America shares rose after the election on hopes of a looser regulatory framework that would spur higher deals and profits. Shares are up 9% over the past five trading sessions, according to Yahoo Finance data. Shares of rival banks JPMorgan (JPM) and Goldman Sachs (GS) increased by 6% and 13% respectively during the same period.

Moynihan’s bank, however, felt the impact of a more cautious consumer in the run-up to the election and the Fed’s new rate cut.

Net interest income for the third quarter fell 3% year over year to $14 billion. Adjusted earnings per share fell 10% to $0.81, while net charges rose to $1.5 billion from $931 million a year ago.

Revenue was up slightly from a year earlier to $25.3 billion.

The company continued its strength in new checking account creation, adding 360,000 in the quarter. Investment banking fees rose 18%.

Moynihan said the consumer is in good shape ahead of the holidays, a good sign for BofA’s business.

“Sure, rates will continue to play a role, but the trajectory of net interest income should be driven by growth in loans and deposits as rates fall, giving the glide path a bit more stability versus upheaval in a trend determined by rates.” Evercore ISI analyst Glenn Schorr wrote in a client note.

“Add in stats like +1 million new credit card accounts, +360,000 new checking accounts, record consumer investment assets, etc., and you have a pretty strong quarter that bodes well for prints to come,” Schorr added.

Schorr gives Bank of America shares an Outperform rating.

Brian Sozzi is the executive editor of Yahoo Finance. Follow Sozzi on X @BrianSozzi and further LinkedIn. Advice on deals, mergers, activist situations or anything else? Email [email protected].

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