Posted on 12/11/2023 12:25:37 PM PST by Hojczyk
JPMorgan estimated previously that excess savings had peaked in August 2021 at $2.1 trillion, boosted by government stimulus checks. That's since been whittled down to below $148 billion, per the firm's calculations as of October.
"Consumers are facing tighter credit conditions and rising rates, wind-down of Covid-era stimulus and relief programs, declining excess savings and liquidity, and multiple years of above average inflation," JPMorgan strategists wrote at the time.
As Bank of America wrote in a recent note, the plight of elder millennials is particularly difficult.
Older millennials — a demographic of Americans born in the 1980s that holds significant influence on the US economy — have had to navigate the 2008 financial crisis in addition to the pandemic during critical working years of their lives.
The two economic storms, as well as mounting childcare costs and sticky inflation, have made it difficult for the sizable cohort to own a house, save for retirement, and comfortably spend money within their means.
JPMorgan notes that, fortunately for now, there is little sign of systemic weakness in housing, though the market remains largely frozen amid high borrowing costs.
(Excerpt) Read more at businessinsider.com ...
“Consumers are facing tighter credit conditions and rising rates, wind-down of Covid-era stimulus and relief programs, declining excess savings and liquidity, and multiple years of above average inflation,” JPMorgan strategists wrote at the time.
If all you do is consume, tough road ahead.
Unless you own your house free of debt it will be tough…..prices will not drop till
Diesel Fuel gets back to around 2 dollars
Still Trump’s fault. /s
Good time to get into the second-hand market.
Surprised the little rats at BI ran that headline. Maybe they are getting close to dumping Traitor Joe. That 17 point Haley lead might have jolted them.
This may not help Republicans that much.
Having abortions, drag queen story hours and gender affirming care is more important to many voters than is the prospect of economic devastation.
Just wait till JPMorgan’s ultimate financial status befalls them.
BI can do math—and apparently they are not afraid of being called “racist” for going there...
;-)
And many will STILL vote Dem.
“JPMorgan’s ultimate financial status befalls them”
They will have lots of warning.
The mid-size regional banks are the first to go—deep into commercial real estate in their markets—dominoes waiting to topple.
.
Elder millenials?
How about right now 😤
“Having abortions, drag queen story hours and gender affirming care is more important to many voters than is the prospect of economic devastation.”
I see it all around me in the blue part of Ohio.
All as intended......
JPMorgan estimated previously that excess savings had peaked in August 2021 at $2.1 trillion, boosted by government stimulus checks. That’s since been whittled down to below $148 billion,
They misspelled Biden
Voters will cry out to the government to DO SOMETHING, and the collectivists will be there with promises.
“prices will not drop till . . . “
Boomers are under the daisies.
They can’t sell, because they can’t buy.
They can’t buy, because others can’t sell, because they can’t buy.
No entry levels to start it up.
5 acre building lot restrictions.
Crapola CONDOs at 5 times median income.
No one wants to take that first loss.
but it’s coming . . .
and when it does, it will happen all at once.
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