Fed Has Won Battle Against American Spending, BofA's CEO says

The Federal Reserve's battle to rein in inflation by deploying aggressive rate hikes to slow down consumer spending and in turn arrest the rise in prices is succeeding, Bank of America CEO Brian Moynihan said on Tuesday.Since March 2022, the Fed has raised interest rates to a two-decade high to its current range of 5.25 to 5.5 percent to fight off soaring prices that at one point hit a 40-year high. Inflation has declined to 3.

The 4 percent spending rate points to a slowdown that is consistent with 2 percent inflation, and 2 percent economic growth, Bank of America's top boss said, adding that it was the type of spending seen before the COVID-19 pandemic.'Frankly the Fed has won the battle with the American consumer and they're slowing down,' Moynihan said. 'Once it slows this level, it's probably not going to kick right back up.

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