FILE PHOTO: Federal Reserve Board building on Constitution Avenue is pictured in Washington, U.S., March 19, 2019. REUTERS/Leah Millis/File Photo
An analysis of 2016 Federal Reserve data by Edward Wolff, an economics professor at New York University, said that 84% of stocks owned by U.S. households are held by the wealthiest 10% of Americans, limiting the power of a stock market rally to turn into broad gains in household wealth. Still, it may take years for that strategy to pay off for workers at the lowest echelons of the job market, often women and people of color who account for a disproportionate share of low-wage jobs. But the payoff for the asset-holding class is already underway.
Investors noted the limits to what the Fed can achieve on its own and stressed the importance it comes alongside fiscal policy.
The stock market is not the economy
Smoke and mirrors. The reset will fix it. 👍🏼
America is recovering from Covid, very well.
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