Americans running out of savings – JPMorgan ...News

Only the top 1% of US consumers will have more money stocked up by next year than before the Covid-19 pandemic, the bank warns Most Americans have already drained the excess savings they made during the Covid-19 pandemic, Marko Kolanovic, a senior stock strategist at JPMorgan bank, said in a note this week. According to Kolanovic, inflation-adjusted liquid assets such as deposits and money market funds of nearly all US consumers will be below 2019 levels by mid-2024. “It is likely that only the top 1% of consumers by income will be better off than before the pandemic,” he warned, noting the recent surge of credit

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