BofA CEO Cautions Fed on Over-Reliance on Burning Out Consumers to Buoy Economy

Bank of America CEO Brian Moynihan warns Fed not to rely too heavily on resilient consumers to prop up economy, says they are starting to "burn out"

Consumers have defied expectations by continuing spending despite inflation and rate hikes, but cash reserves limited

While recent forecasts predict avoiding a recession, growth is slowing and consumers are showing signs of pullback

Fed needs to be "mindful" and not overshoot with restrictive policies, as at some point consumer spending will further slow

BofA economists previously warned Fed will have to push rates to "point of pain" for consumers to tame inflation, risks are for more hikes