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The Federal Reserve said in a report that U.S. household wealth sealed 2020 at an all-time high of $ 130.2 trillion, in light of extremely low interest rates and massive economic stimulus that curbed the financial repercussions of the Corona virus pandemic.
The report showed that rising stock markets added $ 4.9 trillion to assets in the fourth quarter of the year, and rising real estate values added nearly $ 900 billion.
Cash balances increased $ 642.7 billion in the fourth quarter to a record high of $ 14.1 trillion. Household wealth increased $ 12 trillion from a year ago, and consumers paid off $ 118.3 billion in credit card debt, also a record.
The report does not explain the extent of the disparity between high-income and poor families, nor between the conditions of those who have jobs and those who have lost them, or those who own stocks and real estate and those who who do not have one.
But the data gives a general indication of how strong the financial conditions of American families, who received around $ 3 trillion in support at the start of the crisis, along with interest rate cuts and monthly bond purchases from the crisis. of the central bank.
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