99% of Americans will be financially worse-off than they were pre-pandemic by mid-2024, JPMorgan says

• JPMorgan said the vast majority of American's have burned through excess savings. 
• It's likely that all but the top 1% of consumers will be worse off financially in mid-2024 than they were pre-pandemic, the bank said.
• BofA wrote this month that elder millennials face a particularly tough set of circumstances. 

The majority of Americans have burned through their excess savings piled up during the COVID-19 pandemic, and in the coming months, JPMorgan says it is likely that almost everyone will be worse off financially than they were in 2019.