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Consumers’ ‘savings buffer’ accumulated during pandemic could help aid the economy without stimulus

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A pedestrian wearing a protective mask carries a Converse Inc. shopping bag while waiting to cross a street in the Soho neighborhood of New York, on Thursday, Aug. 6, 2020.

Nina Westervelt | Bloomberg | Getty Images

Americans are saving more than ever during the pandemic, and Morgan Stanley says it may be enough to temporarily keep the economy on track after stimulus talks stalled in Washington. 

Morgan Stanley estimates that U.S. households have saved an extra $1.1 trillion as of August, compared to pre-pandemic levels. The boost in funds can, in part, be attributed to the CARES Act, the $2.2 trillion relief package passed by Congress in March, which included $1,200 checks to qualifying…



Source cnbc.com

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