Aditya Bhave
U.S. economist at BofA Global Research who focuses on consumer and fiscal dynamics, providing analysis on tax refunds, spending patterns, and policy implications.
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Mar 11, 2026 • 16min
Fast tax refunds and slow payments prolong stimulus, esp for high-income
Aditya Bhave, a U.S. economist at BofA Global Research who studies consumer and fiscal dynamics, explains how tax refund timing and lower payments shift stimulus into 1H26. He discusses card data pointing to a spending uptick, why benefits favor middle and higher incomes, regional SALT effects, and risks from weather, wildfires and oil prices.
