🧵 1. Fed warns excessive savings of US households could be depleted by end Q3, signaling a potential grim outlook for consumers. #finance
🧵 1. Fed warns excessive savings of US households could be depleted by end Q3, signaling a potential grim outlook for consumers. #finance
🧵 2. Over $2.1 trillion of excess savings accumulated during the pandemic has already been drawn down. Only $190 billion left.
🧵 3. As credit card debt and interest rates reach record highs, consumers face a perfect storm. Student loan repayments restarting soon.
🧵 4. Rapid accumulation and drawdown of excess savings during the pandemic recession is unprecedented. Previous recessions differ significantly.
🧵 5. US consumers facing a challenging future as excessive savings dwindle, credit card debt soars, and spending binge comes to an end.
🧵 Read more at: https://www.zerohedge.com/markets/fed-warns-consumers-will-deplete-excess-savings-third-quarter-end