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The gusher of money the U.S. government poured into family bank accounts during the coronavirus pandemic, credited with speeding the rebound from the health crisis, may now help limit the economic damage from Russia’s invasion of Ukraine and give the Federal Reserve more leeway in raising interest rates.

As analysts have begun parsing what sky-high oil prices and new uncertainty might mean, a common theme has emerged: U.S. consumers may get gouged at the gas pump but will likely be able to maintain much of their expected spending on other goods and services due to savings accumulated out of COVID-19 pandemic spending programs that have totaled about $5 trillion.

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