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Americans Hold More Cash as Incomes Rise
The Federal Reserve and Treasury officials cite affluence, teen spending, travel, and currency hoarding as key drivers. Currency in circulation rose from $32.06 billion to $41.82 billion between 1960 and 1965, per capita holdings up to $213.79. Credit card use and higher interest rates counterbalance, while IRS policies push some to a cash basis.
MENTIONED IN THIS ARTICLE
Joseph R. Coyne
Washington
Federal Reserve Bank
Richmond
John K. Carlock
the Treasury
Treasury
Chicago Federal Reserve Bank
Internal Revenue Service