U.S. households still have around $1.7 trillion in savings ...
... they accumulated through mid-2021 above and beyond what they would have saved if income and spending had grown in line with the prepandemic economy, according to estimates by Fed economists.
Around $350 billion in excess savings as of June were held by the lower half of the income distribution, or around $5,500 per household on average.
While the housing market—among the most interest-rate sensitive parts of the economy—is entering a deep downturn, the rest of the economy is so far holding together.
Nick Timiraos WSJ 30 October 2022
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