While the fiscal support provided to households is raising consumer  According to the Financial Accounts of the United States, liquid assets—defined as the sum of currency; checkable, time, and saving deposits; and money market funds—increased about $ trillion from 2020:Q1 to 2020:Q4. The 2020:Q4 release of the Financial Accounts of the United States is available on the Board’s website at https://www.federalreserve.gov/releases/z1.
4 See, for example, the difference in high-frequency indicators of consumer spending between measures of total spending and spending in low-income Zip codes in the weeks following the payment of stimulus under the Consolidated Appropriations Act, 2021. Data are available from Opportunity Insights at https://www.tracktherecovery.org.