Lowriding! US Personal Savings Lower Than Pre-Covid As Core Inflation Still Hurts At 4.70% YoY (Large Bank Loan Volumes Shrank Last Week As Deposit Outflows Re-Accelerated)
by confoundedinterest17 US personal savings are being exhausted as The Fed raises rates to fight inflation. I call this phenomenon “low riding” where consumers are being punished by The Federal Reserve and Biden Administration. Meanwhile, large bank loan volumes are shrinking. With money-market fund assets hitting new highs, and banks’ usage of The Fed’s emergency funds facility at …