America’s cash hoard could reverse the recession

Inflation is high, the Federal Reserve is raising ratesThe The housing market is faltering And large retailer to like walmart Sending alert signals. Yet for all the ominous signs of where the economy is heading, many Americans have something in common that is headed for a recession: lots of cash.

Multiple rounds of government relief and a sharp reduction in spending on services like travel put a lot of extra padding on American households’ savings during the pandemic, and much of that money is still there.