Oliveira and his colleague estimated we were spending down our excess savings by $100 billion a month earlier this year and we’re about to run out. “Our latest estimate points to the current quarter, that is the third quarter of 2023,” he told Host Sabri Ben-Achour. The interview was recorded prior to the September 28 revisions by the BEA.
The Federal Reserve Bank of San Francisco (SF Fed) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.