Piggy-bank cracks… The extra $$ Americans saved during the pandemic is almost gone, JPMorgan said. The era of stimulus checks, near-zero interest rates, and the pause on student-loan payments helped Americans stash an extra $2.1T by August 2021 — now it’s estimated that less than $150B is left. Consumer spending is still hot, but Americans’ debt has grown by nearly $3T since the pandemic, while rates’ve soared. Now that the stimulus adrenaline is wearing off, there could be economic pain ahead. JPMorgan’s prepping for more delinquencies.
Fishy situation… With US-China relations deteriorating like a carved pumpkin, America’s military has started bulk-buying Japanese seafood to counteract a Chinese ban. China, previously the No. 1 importer of Japan’s fish, cut off trade after Japan released treated wastewater from its destroyed Fukushima nuclear plant into the ocean. China said it’s a health concern, despite the UN’s nuclear watchdog’s sign-off. The US ambassador to Japan said Chinese boats continue to fish off Japan’s coast, and world leaders are calling to end the ban.