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Fed's Stealth Liquidity Is Fueling A Stock Market Rally | Michael Howell
On The Margin
The Economic Cycle and the Trend in the Economy
The trend in the economy is driven by wealth effects from rising real estate prices and loose fiscal policy, leading to increased spending. Despite interest rate hikes, the wealth effect is still marginally positive, keeping consumer expectations high. However, high interest rates impact small to medium-sized companies, crucial for long-term productivity growth, potentially dampening the long-term trend in the US economy.
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