What’s happening: In an interview on CBS’ “Face the Nation” on Sunday, Moynihan said that consumer spending has jumped above $1 trillion this year, a 20% increase over 2019 levels.
And Americans are still sitting on a lot of extra cash.
“Our consumers have lots of money in their checking accounts,” Moynihan said. “They have not spent about 65 [to] 70% of the last couple of rounds of stimulus.”
A caveat: With the US economy still not fully back to normal, not everyone is thriving. But three rounds of stimulus payments have helped.
The US government has sent $804 billion directly to low- and…
