Bank of America CEO highlights US consumer power as Fed's biggest challenge.

Bank of America CEO Brian Moynihan has said that the US Federal Reserve's biggest challenge is the power of the US consumer, as consumer spending is slowing down. Moynihan also predicted a mild recession next year, citing the Fed's tightening policies as having an effect on consumer spending. Despite this, Moynihan said that consumer credit quality in the banking industry is very strong. Bank of America is slowing down hiring, but not laying off staff.