Surging U.S. tax refunds could save sinking markets

A wave of larger tax refunds is starting to land in U.S. bank accounts. Some strategists believe that cash could find its way into risk assets at a fragile moment for markets. Treasury Secretary Scott Bessent said on Feb. 13, “The average tax refund is 22% higher so far this season.” The larger refunds follow President Donald Trump signing the “One Big Beautiful Bill” into law in July 2025. The legislation extended and expanded several tax cuts, with the White House promoting the 2026 filing season as ...