This page examines the resilience of the US consumer. The left-hand chart shows how the proportion of US homeowners on a fixed rate mortgage has been steadily rising, suggesting that consumers may now be relatively less sensitive to interest rate increases than they have been historically. The right-hand chart looks at the level of cash balances in US consumer bank accounts by income bracket. The sharp increases over the past couple of years coincide with cash payouts from the US government that looked to offset the hit to incomes caused by the pandemic.