While the omicron variant and related surge in Covid-19 infections dented economic activity in the final weeks of 2021, there was little effect on wealth in the quarter as the S&P 500 rose to new highs. More recently, stocks have slid on concerns about the economic impact from Russia’s invasion of Ukraine.
In an effort to tame inflation, the Fed next week is expected to raise interest rates for the first time since 2018. While pandemic aid programs like the advance child tax credit payments have since ended, elevated savings remain a key source of support for household spending. Net private savings grew at an annualized pace of $2.4 trillion in the fourth quarter, though the pace has been settling back since the start of 2021.
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