Investor Presentaiton

Excess Saving Is Drawn Down, but There Is Plenty Left Excess household saving, $ tril 2.8 2.4 2.0 Excess saving is the extra saving households did during the pandemic due largely to sheltering in place and significant government support. 1.6 1.2 0.8 0.4 0.0 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Jul-21 Oct-21 Jan-22 Apr-22 Jul-22 Oct-22 Jan-22 Sources: BEA, Moody's Analytics Moody's Analytics March 2023 3

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