Capital Markets Winter 2021
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
• Elevated savings could eventually be spent, potentially driving further economic growth
U.S. Personal Savings as a % of Disposable Income
The U.S. consumer saved an incremental ~$1.6 trillion last year
Source: U.S. Bureau of Economic Analysis. 2020 is based of YTD through November 2020.
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