We’ve bought all the stuff we need

An extract from the recent Wells Fargo quarterly call transcript said……

“For Wells Fargo consumer customers, nearly $50 billion of federal stimulus payments from rounds two and three have been deposited into our customers’ accounts, and we estimate roughly 25% remained in their accounts as of July 2.”

Consumers have bought at the stuff they need. The stimulus money has been spent. They don’t need anymore TV’s, computers and refrigerators.

See Ed’s valuable research contribution below.

https://www.linkedin.com/posts/edward-yardeni_economy-economics-macroeconomics-activity-6841093040304721921-i3w_