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

It's also 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.

And now, according to Bank of America's CEO, Brian Moynihan, that time has come.

Speaking to CNBC's Squawk on the Street, Moynihan said the way consumers are acting is consistent with a "low growth, low inflation economy," which the U.S. saw from 2016 to 2019.

In a given year, Bank of America customers spend $4 trillion dollars—be it using a debit or credit card, writing a check, confirming a bank transfer, or taking cash out to spend.

From 2021 to 2022 that spend grew by 10%, Moynihan said, and began dropping to 9% in the first quarter of 2023.