It’s not hard to construct the narrative behind these trends, especially in light of Bank of America ending the quarter with a record $1.7 trillion in deposits. By and large, Americans simply have more money than they thought they would when the coronavirus pandemic and ensuing economic shutdowns began in March. First, there were the one-time $1,200 checks sent to middle and lower income adults in April. But, more crucially, those who lost their jobs have received $600 a week in extra federal unemployment benefits on top of what they get from their state. According to researchers at the University of Chicago, that provides two-thirds of workers who are eligible for unemployment insurance more than what they lost in earnings.

https://www.bloomberg.com/opinion/articles/2020-07-16/wall-street-sets-high-stakes-for-next-fiscal-stimulus?cmpid=BBD071620_CUS&utm_term=200716&sref=EcccZSTc