Memo To Dr. Yellen: Don’t Look Now But The Wealth Effect Is Over

Real estate and equity values have already lost their momentum, as the Fed is removing its massive support for these assets.... New Home Sales fell three months in a row and plummeted 14.5 percent in March.... But Wall Street will try to convince investors that the spring pollen vortex is unusually bad... nobody wanted to go outside and purchase a new home, even after all the snow melted...
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