US Savings Rate Breaks Uptrend Since the GFC!

The total savings in US accounts as a percentage of disposable personal income saw an incredible spike during the lockdowns as "helicopter money" and "stimmy checks" flooded the bank accounts of consumers, fueling an awe-inspiring comeback in retail sales. Unfortunately, however, the data shows that not only is all of this stimulus money gone (along with the pent-up demand), but the US personal savings rate has broken an uptrend that was established after coming out of the last recession.

Expect retail sales to falter (they already have) and credit card to start increasing (it already has) as the true state of the economy is revealed, right when the Fed is tapering off QE, planning 4 rate hikes this year, AND threatening QT. What could go wrong??

This is the same data that is reported by our own Fed:
fred.stlouisfed.org/series/PSAVERT