U.S. households built up savings at unprecedented rates following the strong fiscal response and lower consumer spending related to the pandemic. Despite recent rapid drawdowns of those funds, estimates suggest a substantial stock of excess savings remains in the aggregate economy. Since 2020, households across all income levels have held a historically large share of savings in cash or other easily accessible forms. Estimates suggest that those funds could be available to support personal sp...| Federal Reserve Bank of San Francisco
Brief summaries of SF Fed economic research that explain in reader-friendly terms what our work means for the people we serve.| Federal Reserve Bank of San Francisco