Capital Markets Winter 2021

I

Savings Road to Recovery

• Last year the liquidity deluge created very high savings levels, which we believe will likely persist into early 2021 as more stimulus checks arrive

I

• Elevated savings could eventually be spent, potentially driving further economic growth

II

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

18%

III

16%

14%

The U.S. consumer saved an incremental ~$1.6 trillion last year

12%

IV

10%

8%

6%

4%

V

2%

0%

VI

Source: U.S. Bureau of Economic Analysis. 2020 is based of YTD through November 2020.

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