The world’s biggest pension fund posted a $52 billion loss last quarter as stocks tumbled and the yen surged, wiping out all investment gains since it overhauled its strategy by boosting shares and cutting bonds.
Higher rates allow banks to make more money on loans. For every quarter percentage point increase in rates, BofA stands to add about $1 billion to earnings, Moynihan said. But he added the bank is prepared for any rate scenario.
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Bank of America (BAC) chief Brian Moynihan told CNBC on Thursday the U.S. stock market keeps heading higher because there's no where else to get returns globally with low to negative interest rates.
"Where else is the money going to go, with dividend [stock] yields exceeding sovereign [bond] yields? The money is going to go into the equity markets because they're looking for return," he said.
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http://finance.yahoo.com/news/bofas-moynihan-us-stocks-higher-115435204.html
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