Americans were sitting on $815.3 billion worth of savings as of April.
This may be good news for consumers individually, but bad news for the Federal Reserve, whose efforts to slow inflation could be delayed by this extra pile of cash lying around.
“The problem is there is so much cash on household sector balance sheets and corporate sector balance sheets that it’s going to take more rate hikes to slow the economy down, simply because the starting point is a level of cash that is much higher…
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