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Chart of the Week
With tax day ahead, many Americans are expecting refunds on their 2021 tax filings. We expect cumulative refunds in 2022 to exceed those of recent years on the back of the expanded child tax credit and other fiscal transfers. As a result, consumers may see a boost in cash over the coming months, providing a buffer against rising costs. The strength of consumer incomes and balance sheets remains a key source of economic stability in the year ahead.
Source: Department of Treasury and Goldman Sachs Global Investment Research.