Bank of America (BAC) CEO Brian Moynihan acknowledged the Federal Reserve may have a few challenges under the incoming Trump administration, but it shouldn't have to fight for its independence. 

"I think that our Federal Reserve, an independent central bank, is a good place to be," Moynihan said at Yahoo Finance's Invest conference on Tuesday. "I think he [Fed Chair Jerome Powell] has [done a good job]. I think he's done a good job of working through the system." 

Trump has been a vocal critic of Powell for years, hinting he would fire him if he won reelection. Powell said at the Fed's latest rate-setting meeting that he will not be forced out and that he legally can't 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 the Fed rate cut means for bank accounts, CDs, loans, and credit cards

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Bank of America stock has risen post-election amid hopes for a looser regulatory backdrop that spurs dealmaking and higher profits. Shares are up 9% in the past five trading sessions, according to Yahoo Finance data. Shares of rival banks JPMorgan (JPM) and Goldman Sachs (GS) are up 6% and 13%, respectively, during that same stretch.

Moynihan's bank, however, has felt the impact of a more cautious consumer in the run-up to the election and fresh rate cuts from the Fed.

Net interest income for the third quarter fell 3% year over year to $14 billion. Adjusted earnings per share dropped 10% to $0.81 while net charge-offs increased to $1.5 billion from $931 million a year ago.

Revenue rose slightly from the prior year to $25.3 billion.

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

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

"Sure, rates will continue to play a big role but the trajectory of net interest income should be driven by growth in loans and deposits as rates come down, giving the glide path a little more stability vs. choppiness in a rate driven trend," Evercore ISI analyst Glenn Schorr wrote in a client note.

"Throw in stats like +1 million new credit card accounts, +360k new checking accounts, record consumer investment assets, etc., you have a pretty strong quarter boding well for prints to come," Schorr added.

Schorr gives Bank of America shares an Outperform rating.

Brian Sozzi is Yahoo Finance's Executive Editor. Follow Sozzi on X @BrianSozzi and on LinkedIn. Tips on deals, mergers, activist situations, or anything else? Email brian.sozzi@yahoofinance.com.

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