Get all your news in one place.
100's of premium titles.
One app.
Start reading
Fortune
Fortune
Eleanor Pringle

Bank of America warned consumers they would be pushed to the 'point of pain', CEO Brian Moynihan says we've now reached that point

Chairman and CEO of Bank of America, Brian Moynihan (Credit: John Lamparski/Getty Images)

It's a message now echoing in every corner of Wall Street: consumers have finally run out of steam.

It's an eventuality Bank of America has predicted since March, when analysts warned that the Fed would push consumers to the "point of pain" in order to tame inflation.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.