Deutsche Bank strategist Parag Thatte projects U.S. stocks could see approximately $11 billion in inflows during the tax refund season stretching from mid-February to mid-April. Thatte's analysis highlights this period typically represents roughly one-third of annual equity inflows, suggesting the refunds may inject significant liquidity into markets.

The strategist anticipates additional $50 billion to $100 billion in individual tax refunds this year, which could also stimulate consumer spending. However, Thatte cautions the impact might be less pronounced than in 2021 when fiscal stimulus payments were substantially larger, noting 'risk appetite so far this year has been fragile' due to AI-driven selloffs in software stocks.