Households are quickly depleting the excess savings they built up during the recession, Federal Reserve study shows. Americans are likely to soon start depleting the excess savings they began to accumulate during the Covid-19 pandemic when the national fiscal response was strong and consumers spent less, according to a recent Federal Reserve Bank of San Francisco blog.That savings drawdown is likely to start as early as this quarter, according to the blog by Fed researchers Hamza Abdelrahman and
In May, economists Hamza Abdelrahman and Luiz E. Oliveira of the Federal Reserve Bank of San Francisco published a blog post suggesting that, since the…
The pandemic gave a big boost to Americans’ bank accounts, and a lot of that money still hasn’t been spent despite the cost of living soaring in recent years.