These views are my own and do not necessarily reflect those of the Federal Reserve Board or the Federal Open Market Committee. 2 Federal Reserve Bank of New York Global Supply Chain Pressure Index, September 2022. https://www.newyorkfed.org/research/policy/gscpi#/interactive 1  -2more rapidly in recent quarters than had been previously estimated.
Indeed, by Board staff estimates, the revisions imply that the stock of excess savings held by households is about 25 percent lower, which may imply a more subdued pace of consumer spending going forward than had been projected.