Accumulated excess savings peaked in August 2021 at more than $2.1 trillion and then gradually declined. U.S. household budgets have benefited from excess savings and pandemic-related debt relief over the past three years, but those policy dividends are coming to an end. Credit card delinquency rates continue to trend upward amid growing signs that consumers are feeling the pinch of high prices. In a high-interest-rate capital environment, high costs show little sign of easing. The U.S. debt has plummeted recently, and U.S. bond yields have continued to rise. The era of low U.S. bond interest rates may be over. Inflation is likely to remain stubborn and run above the Fed's target, leaving room for a further push in longer-dated bond yields, according to BlackRock Asset Management.