The COVID-19 pandemic led to significant government support, including three rounds of stimulus checks that boosted savings rates but may have contributed to current inflation. Looking ahead, further government assistance may arrive in an unexpected form, as tax refunds anticipated in early 2026 could resemble the pandemic stimulus checks. David Kelly, a chief global strategist at J.P. Morgan Asset Management, highlighted this possibility on LinkedIn in August. This development could impact consumer spending and the economy.
