It's All Gone: All "Excess Savings" Have Now Been Exhausted, JPMorgan Calculates

The continued strength of the US consumer amidst the worst inflationary backdrop in four decades, not to mention a recession in Europe and what is emerging as a full-blown depression in China, has surprised many, and been cited as one of the key drivers behind the ongoing resilience of the US economy & the SS&P500 bull market, not to mention the Fed hiking to nosebleed levels that are crushing America's lower income households (since the top 1% are actually getting a lift courtesy of 5.5% rate on their trillions in cash savings).

We recently addressed the biggest driver of this perplexing consumer strength, which we identified as originating in the massive $1 trillion deficit-busting spending spree propping up "Bidenomics" (which bofa defined as the "era of fiscal excess")...