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Why are Americans hoarding $3.5 trillion in cash? An interesting question. Let's dig deeper and see if we can find out why.
Here are some interesting facts about the $3.5 trillion:
- After reducing money market accounts by 11% this year, investors hold cash equal to 73% of S&P 500 Index. At its peak in 2007, the buying power was at 62%.
- Estimates are for GDP to increase sixfold to 2.9% in the third quarter.
- In 2007 and 2008, investors placed $1.45 trillion in money market accounts. As of the week ending January 14, that number reached a record $3.92 trillion.
- Investors have added $15.8 billion to domestic equity funds since March.
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