Americans reported the highest level of financial well-being last fall than ever in nearly a decade, leaving them in a better position to withstand this year’s economic downturn, according to a Federal Reserve poll released Monday.

A poll conducted in October and November last year on the eve of the Covid-19 Omicron wave found that a strong economic recovery coupled with government stimulus programs has allowed households to enter 2022 in good shape. The U.S. this year is facing economic difficulties with the highest inflation in four decades, rising interest rates, volatile stock and financial markets, and an imbalance of supply and demand in commodity and labor markets.

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