"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 the economy, as consumers are showing signs of fatigue amid inflation and rising interest rates. Despite the public's resilience, Moynihan advises against pushing them too far, as their spending growth has slowed from 10% to 3-4%. Bank of America's economists had previously warned about the potential impact of interest rate hikes on consumer demand, and the latest data suggests that consumer spending growth is declining, prompting concerns about the sustainability of the current economic momentum.