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US household wealth fell by a record $6.1 trillion in Q2

Summary:
Initial effect of the increase in the risk free interest rate component of Fed monetary policy to fight Art Degree figure of speech “inflation!” has wiped out over T of wealth in 90 days…   Accordingly most people are bearish NOW…The hit to Household Net Worth over the last 2 quarters is beyond even that of the GFC. Reverse Wealth Effect about to work with a vengeance. #Recession #Crisis pic.twitter.com/0lFzY3kVcy— steph pomboy (@spomboy) September 9, 2022

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Initial effect of the increase in the risk free interest rate component of Fed monetary policy to fight Art Degree figure of speech “inflation!” has wiped out over $6T of wealth in 90 days…   Accordingly most people are bearish NOW…





Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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