Investor Presentaiton
2 Household Excess Savings Are Normalizing
Household cash balances, in real terms¹, are nearly back to their pre-
pandemic trend after reaching levels that were nearly 20% in "excess" of
trendline savings in 2021
Real Household Cash and Cash-like Deposits (Chained Q4 2019 $, Deflated by Core PCE):
$17.0
$16.0
$15.0
$14.0
$13.0
$12.0
$11.0
$10.0
$15.5
$15.2
Q2 2023:
~2% above
trendline
savings
Jun-23
Dec-14
Jun-15
Dec-15
Jun-16
Dec-16
Real Household Cash Balances
Jun-17
Dec-17
Jun-18
Dec-18
Jun-19
Dec-19
Source: Federal Reserve Z.1 Financial Accounts. Household cash and cash-like deposits includes investments in money market funds.
(1) Adjusted for inflation using the Core PCE price index
Jun-20
Dec-20
Jun-21
Q1 2021:
~20% above
trendline
savings
-Trendline Real Household Cash Balances @ 3.4% '14-'19 CAGR
Dec-21
Jun-22
Dec-22
1
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