Magazine : Archives : 2nd Quarter 2021

Market Intelligence

Primed for Takeoff It’s been over a year since the U.S. economy lurched to a halt in response to Covid-19. The outlook at the time appeared dire. Within a month of the federal government declaring a national emergency in March 2020, consumer spending fell by a third. Yet, 12 months later, it seems like ancient history. Fueled by fiscal and monetary stimulus, the economy is primed for takeoff. Consumer balance sheets have rarely been in better shape. In the third quarter of last year, American households held $15.3 trillion of cash and cash equivalents. That was $2.76 trillion, or 22%,...