This page zooms in on the US consumer. The left-hand chart looks at the evolution of household debt to GDP over time. Household debt levels have come down a long way in recent years, having peaked at the start of the global financial crisis. The right-hand chart looks at the path of accumulated excess savings since the Covid-19 pandemic. The pot of excess savings has been run down over the past 12 months, but savings are still above their pre-Covid starting point.