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  "documentTitle": "us executive macroeconomic briefing february 20240223",
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      "text": "For lower-income families, their excess savings have vanished, and they are now dipping into their regular savings and using credit to offset the burden of inflation.",
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      "text": "1. Data for confidence index only available through February 2023. 2. Excess personal savings is defined as the cumulative stock of savings above what consumers would have saved if income and spending would have maintained their pre-pandemic pace. Source: US Census Bureau; Bureau of Economic Analysis; EY-Parthenon",
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      "text": "With about a third of the excess savings used to pay down debt, and another significant portion likely invested in financial or real estate assets, excess savings should no longer be viewed as an alternate source of income supporting consumer spending. And the recent rise in the personal savings rate may be an indication of precautionary savings heading into turbulent times.",
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      "text": "Consumer attitudes took a step back in March after improving for three consecutive months and remain historically low. Looking ahead, rising financial market and economic uncertainty will likely weigh on consumers' morale in coming months.",
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      "text": "Encouragingly, inflation expectations for the year ahead declined markedly to 3.8% in February, reaching their lowest level since April 2021. Long-run inflation expectations also edged down from 2.9% to 2.8%.",
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      "text": "Households' excess savings accumulated during the pandemic, which many continue to view as fueling consumer spending, have declined about 40% to $1.3 trillion. For lower-income families, their excess savings have vanished, and they are now dipping into their regular savings and using credit to offset the burden of inflation.",
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