The notion of “excess savings” appears to be unraveling as the U.S. Savings Rate took a notable hit in September.
We can cancel the "excess savings" idiocy
In Sept, the US Savings Rate collapsed from 4.0% to 3.4%, the lowest this year, and the 4th month in a row of declines. And this is after 3 revisions in the past year each of which artificially boosted the savings rate pic.twitter.com/gWgmrSzYNK
— zerohedge (@zerohedge) October 27, 2023
Jerome Powell: "I raised rates so you can't spend any more."
Americans: "Gotcha fam, I'll spend more."
JP: "Wait no, I said less."
A: "Sweet, I just bought a car priced 1x my annual salary."
JP: "OMG stop, no you did not!?"
A: "Got my new credit card in, that 83 OLED looks…— Darth Powell (@VladTheInflator) October 26, 2023
🚨 JUST IN: Retail credit cards now charging record high average interest rate of 28.93%.
Up nearly 20% since 2021.
Some cards at +33.24%.
Imagine this: If you finance a $1,000 purchase at 28.93% and only make MINIMUM payments, you'll end up owing $715 and staying in debt for… pic.twitter.com/TpaPBjsEr9
— Genevieve Roch-Decter, CFA (@GRDecter) October 27, 2023