Income tax refunds of $165 billion over the past 12 months created a fiscal boost that flowed into services inflation through increased travel and dining spending, but this tax-refund-driven stimulus is going away in 2023, removing a major inflationary impulse.
causalpending
Speaker
Danielle DiMartino BoothEvidence Quote
“income tax refunds uh were 165 billion dollars in the last 12 months. That has filtered into tons of services inflation as people have sprung out and gone to travel and out to eat and and spent a lot of it. That's going away.”
Source
DoubleLine Round Table Prime, 2023 - Part 1: Macroeconomic State of Play 1-4-23— DoubleLine CapitalCreated: 8/11/2026, 1:33:48 AM
My Notes
Loading notes...