"Bank of America CEO Warns Fed Chair: Consumer Fatigue Threatens Economy"

Bank of America CEO Brian Moynihan warns Federal Reserve Chairman Jerome Powell to be cautious about relying too heavily on consumer spending to sustain economic growth, as consumers are showing signs of slowing down their spending despite being resilient in the face of inflation and higher interest rates. Moynihan's concerns are echoed by other financial institutions, such as Vanguard, which has adjusted its growth forecast for the U.S. While the Fed has room to be "restrictive," Moynihan emphasizes the need for Powell to be mindful of the changing consumer behavior and the potential impact on the economy.