"I think the reality is the accommodation is not needed at the same level, clearly," Moynihan told CNBC's Becky Quick during a "Squawk Box" interview.
And the great debate is when is [inflation] transitory or not transitory."
With consumer price inflation running around 5% year-over-year, the Fed is well ahead of its 2% inflation goal.
Banks are awash in deposits and reserves while the Fed holds rates down and keeps buying Treasurys and mortgage-backed securities each month.
For small business, "Six months ago it was all about pandemic, pandemic, pandemic," Moynihan said.
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