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MNI BRIEF: Savings Spike Won't Spark Demand Surge--NY Fed

WASHINGTON (MNI)

The rise in overall savings in the U.S. economy won't lead to a surge in consumer spending because the money mostly went to households that already had plenty of it, a New York Fed economist Andrea Tambalotti writes in a new blog. "It is certainly possible that some of these savings will pay for extra travel and entertainment once the COVID-19 nightmare is behind us, but our conclusion is that the resulting boost to expenditures will be limited," he said.

Richmond Fed President Thomas Barkin told MNI last week he still sees powerful disinflationary forces dominating the U.S. outlook despite recent improvements.

MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
USCentral Bank NewsPolicy NewsFederal ReserveEmailExclusiveBriefStoryRegionNorth America
MNI Washington Bureau | +1 202 371 2121 | pedro.dacosta@marketnews.com
USCentral Bank NewsPolicy NewsFederal ReserveEmailExclusiveBriefStoryRegionNorth America

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