Americans will likely deplete the rest of the excess savings they accumulated during the pandemic this quarter, according to a new study from the Federal Reserve Bank of San Francisco.
After rapidly accumulating “unprecedented” levels of excess savings during the pandemic, the San Francisco Fed estimates American households held less than $190 billion in aggregate excess savings as of June.
“Finally! We were worried something might not go in our favor for once and we were going to have to blow up the economy to punish you rubes.” - finance industry