From the Washington Post via The Kansas City Star
The total amount in those [savings] accounts climbed nearly 5 percent to $6.9 trillion in the spring, the highest since the Federal Reserve launched its regular reports on the flow of money in the economy in 1945. At the same time, other data show that Americans are fleeing the stock market and avoiding the purchase of new homes.
Are risk-averse savers missing out or are they avoiding yet another market crash? You have to wonder how the stock market gains can be sustainable when most of the gains are based on hopes that the Fed stimulus will be successful.