Capital Markets Autumn 2020

IV

Banking It The Economy

• The U.S. consumer has been saving at an elevated rate, which should support spending going forward in our view

I

II

U.S. Personal Savings as a % of Disposable Income

30%

III

25%

The U.S. consumer

20%

savings rate is historically high

15%

IV

10%

5%

V

0%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

VI

Source: U.S. Bureau of Economic Analysis. Three-month moving average through August 2020.

21