U.S. household wealth posts record loss in fourth-quarter amid stock rout
WASHINGTON, March 7 - U.S. household wealth fell by a record $3.8 trillion, or 3.5 percent, at the end of 2018, and corporate bond issuance plummeted as a global market rout threatened to weaken a near-decade old recovery, the Federal Reserve reported on Thursday.
But in terms of the wealth lost on a dollar basis, at least on paper, it exceeded the $3.6 trillion decline in the fourth quarter of 2008 for the biggest loss on record. Still, those results from the Fed's quarterly Flow of Funds report shed light on the financial sector tremors that prompted Fed policymakers to put further rate hikes on hold as they assessed the damage.
Those fears appear at least partially warranted as retail sales and business investment weakened at year's end.
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