The result is that the amount of cash households have in the bank has absolutely exploded. I don’t even know if that word does justice. American households have $1 trillion more in checking accounts today than they did 1 year ago. For perspective, they held $800B in checking accounts a year ago. So it’s more than doubled. In 1 year. in many ways the American consumer is in the best financial shape in modern history, with minimal debt burdens and eager to spend their record savings.

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