Bank of America CEO Brian Moynihan cautioned on Sunday that U.S. consumers could become disheartened if the Federal Reserve doesn’t begin lowering interest rates soon.

The Federal Reserve kept its policy rate steady in the 5.25%-5.50% range at the end of July, where it has remained for over a year. However, the Fed hinted that a rate cut might be possible as early as September if inflation continues to ease.

“They’ve indicated that rates are unlikely to rise further, but if they don’t start bringing them down soon, there’s a risk that the American consumer could become discouraged,” Moynihan said during an interview with CBS. “Once consumer sentiment turns sharply negative, it can be challenging to reverse that trend.”

When asked about Republican candidate Donald Trump’s recent remark that U.S. presidents should have influence over Federal Reserve decisions, Moynihan responded that while people are free to offer advice to Fed Chair Jerome Powell, it is ultimately Powell’s responsibility to determine the appropriate course of action.

“If you observe global economies, those with independent central banks that operate without external interference generally perform better than those that do not,” Moynihan added.