Why There is No Noticeable Benefit from the Fed’s Policies

Here is the only noticeable “benefit” from the Fed’s pro-inflation policies since Greenspan’s arrival at the Eccles Building. To wit, these policies have pleasured the tippy top of the economic ladder with massive wealth gains owing to the relentless inflation of financial assets. During the 34 years since 1989, therefore, net worth has increased as follows:

Aggregate Net Worth Gain, Q4 1989 to Q3 2023

Top 0.1% or 131,000 households (purple area): +$18.2 trillion or 11.4X.Top 1.0% or 1.34 mill...