The Fed has to crush consumer demand with much higher rates if it wants to get inflation under control, Bank of America says

• Americans' strong spending is keeping inflation elevated and sticky, which makes the Fed's job harder. 
• The Fed will have to employ more interest rate hikes to crush demand and tame inflation, Bank of America said Monday. 
• For the Fed to reach its 2% inflation target, consumer demand will have to weaken "considerably" and a recession is likely. 

Americans' spending spree is keeping inflation elevated and sticky, meaning the Federal Reserve must crush consumer demand with more interest rate hikes that will likely induce a recession, according to Bank of America.