BoFA Analysts Discuss Return to Work Impact, 60% Pandemic Savings Spent, Spending Up 3-3.5%

Bank of America (BoFA) analysts discuss the impact of the return to work trend on the technology sector during an Embassy Analyst Meet. BoFA estimates that around 60% of pandemic-related excess savings have been spent. BoFA's Levine expects spending to increase by 3-3.5% in the last 30-day period, with deposits still higher than pre-pandemic levels.