Household net worth soared during the pandemic
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 19 October 2023
⏱️ 8 minutes
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Summary
According to a recent survey by the Federal Reserve, the median household net worth jumped 37% from 2019 to 2022 after adjusting for inflation. Pandemic relief checks and extended unemployment benefits helped fatten bank accounts, even for low-income families. We’ll also check out what’s going on in the treasury market and hear the latest developments in the Sam Bankman-Fried trial.
Transcript
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| 0:00.0 | What is going on in the Treasury market? |
| 0:05.3 | For Marketplace, I'm Subribenisher, Infredated Brunk Hachio. |
| 0:08.6 | The yield on a 10-year bond is the payoff you get over 10 years, the return. |
| 0:13.0 | It reflects what investors think the economy and interest rates are going to be like over |
| 0:18.2 | the next 10 years. |
| 0:19.5 | So when investors started realizing months ago that this economy is going to have high |
| 0:24.2 | interest rates for a long time, the market drove the yield on the 10-year-up. |
| 0:28.6 | Okay, make sense. |
| 0:30.0 | But now those yields are going up even more. |
| 0:32.7 | So what is that telling us? |
| 0:35.0 | Diane Swank is chief economist at Audit Tax and Advisory firm KPMG and joins us, Diane. |
| 0:40.3 | Why? |
| 0:41.3 | Just why? |
| 0:42.7 | It really is an extraordinary sort of collision of events, not only have we not gotten |
| 0:48.0 | the recession that the Fed and many of us believe we would get, we've gotten acceleration |
| 0:53.1 | in growth, which in and of itself actually justifies higher rates, that along with fears |
| 1:00.8 | that we could backslide on inflation, given the acceleration in growth, we've seen in |
| 1:05.7 | the wake of the most aggressive tightening cycle we've had since the early 1980s. |
| 1:11.8 | And the Fed is sitting there looking at this and saying, you know, some of the work that |
| 1:15.8 | they had expected to have to do with an additional rate hike is now being done by a much broader |
| 1:22.0 | tightening of credit conditions. |
| 1:24.0 | Yeah, the 30-year fixed mortgage rate just hit 8% for the first time since 2000. |
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