Analysts at Deutsche Bank (DB) say the stock market could get a much-needed boost from U.S. tax refunds this year.
Specifically, American stocks could see $11 billion U.S. in weekly inflows as annual tax refunds are distributed through mid-April, according to an analysis by Deutsche Bank.
The German lender argues that the period from mid-February to mid-April typically represents about one-third of annual inflows to U.S. stocks.
Deutsche Bank forecasts an additional $50 billion U.S. to $100 billion U.S. in individual tax refunds this year, money that is likely to boost consumer spending and the stock market.
The analysts compare this year to 2021, when the stock market got a boost from fiscal stimulus payments issued by the U.S. government during the Covid-19 pandemic.
Deutsche Bank also notes that global earnings increased 15% in the fourth quarter of 2025, reaching their highest level in more than three years, mostly driven by the U.S. market.
With new money expected to flow into the stock market, Deutsche Bank remains bullish on U.S. equities for 2026.
So far this year, the benchmark S&P 500 index is flat (down 0.33%) after touching an all-time high above 7,000.
