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Fed's Barkin sees excess savings driving economy for years

Published 03/30/2021, 05:38 PM
Updated 03/30/2021, 05:40 PM
© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas

© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas

(Reuters) - Richmond Federal Reserve Bank President Thomas Barkin on Tuesday said he is very "bullish" on the U.S. economy this year, and expects household savings accumulated during the COVID-19 pandemic to help fuel growth in 2022 and 2023 as well.

© Reuters. FILE PHOTO: Federal Reserve Bank of Richmond President Thomas Barkin poses during a break at a Dallas Fed conference on technology in Dallas

"People just have a lot of money in their pockets," Barkin told the Montgomery County Chamber of Commerce. As vaccinations accelerate and people feel more comfortable going out to dinner and getting on airplanes, he said, they'll spend more of that money, but there's "no way" it will all get spent this year.

Latest comments

For a well paid banker who gets paid whether he works or not and has a well padded retirement waiting it probably does look good and he probably banked a lot of savings too, but for the underpaid or non paid workers hit by covid related events they don't have savings left and got missed by the fed stimulus things don't look that good
I ain't seein it.
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