U.S. Consumers Squeezed by Shrinking Cash Reserves 

According to research from the Federal Reserve Bank of San Francisco, U.S. consumers have fewer liquid resources than would have been projected pre-pandemic. For the top 20% of households in terms of income, liquid assets are 2% below pre-pandemic projections, with the rest of American households falling 13% below. While consumer spending remained strong during the monetary tightening in 2022-2023, spending has recently tapered to its slowest average pace in over a year. 

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