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Some experts fear households will quickly spend their savings and fuel runaway inflation.
Studies suggest most will hold onto the cash even after the US reopens, Fed researchers said.
Gradual reopening and widespread vaccination have economists wondering how Americans will spend in a post-pandemic economy. Researchers at the
Federal Reserve
Bank of New York see little cause for concern.
Americans enjoyed a savings surge during the pandemic as government stimulus hit households and lockdown measures cut down on spending. Estimates suggest people held on to roughly $1.6 trillion in savings since last March, when the health crisis first slammed the economy.