The value of real estate held by households rose by $1.5 trillion and the value of equity holdings climbed $2.5 trillion.
While the omicron variant and related surge in Covid-19 infections dented economic activity in the final weeks of 2021, there was little effect on wealth in the quarter as the S&P 500 rose to new highs. More recently, stocks have slid on concerns about the economic impact from Russia’s invasion of Ukraine.
Meantime, mortgage rates have risen to levels not seen since 2019, which could eventually lead to a cooling in the rapid price gains seen in the housing market. In an effort to tame inflation, the Fed next week is expected to raise interest rates for the first time since 2018. Not everyone has benefited from the surge in home and equity prices. Survey data indicate just a little more than half of Americans own stocks, and millions of Americans rent. Separate data out Thursday showed rent of primary residence climbed in February by the most since 1987.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House passes $1.5T government funding bill plus Ukraine aid after chaotic dayThe House passed a $1.5 trillion government funding package setting the first new spending levels under President Joe Biden’s administration and providing $13.6 billion in measures to support Ukraine, marking the end of months of bipartisan budget negotiations.
Read more »
House yanks Covid aid after bumps in drive to pass $1.5T gov funding planHouse Dems have pulled Covid relief from the $1.5 trillion government funding package, after multiple members revolted against using their home states' pandemic cash to pay for the aid.
Read more »
Dems pushing Ukraine aid, $1.5T budget package through HouseDemocrats began pushing $13.6 billion in aid for besieged Ukraine and European allies through the House on Wednesday, part of a $1.5 trillion bipartisan compromise to finance federal agencies for the rest of this year. The money countering the Russian blitzkrieg t hat's devastated parts of Ukraine and triggered that continent's biggest refugee exodus since World War II ensured that the overall bill would ultimately pass with robust support from both parties. President Joe Biden requested $10 billion for the military, humanitarian and economic aid last week, and backing in Congress was so staunch that the figure grew to $13.6 billion in just days.
Read more »
House Dems clear $1.5T spending deal after stripping Covid aidThe chamber voted on a sweeping funding measure that includes billions in emergency aid to Ukraine.
Read more »
House passes $1.5T spending plan with Ukraine aid, without COVID-19 reliefThe axed funding was meant to bolster vaccine supply, treatments and tests at home and abroad, but rank-and-file Democrats balked at GOP demands.
Read more »
With more than $1 billion in profit generated last year, the Pennsylvania Lottery marks 50th anniversaryThe Pennsylvania Lottery, which sold its first tickets on March 7, 1972, has since generated more than $32.6 billion to help the commonwealth’s older residents.
Read more »