$2.7 Trillion Stock Rally Hides First US Real Estate Drop Since 2012

Last weekend, I suggested that if push comes to shove in the inflation fight, the Fed might need to "torch $30 trillion." That was a reference to the accumulated wealth effect versus pre-pandemic levels as measured by the difference between household net worth as it stood at the end of Q3 2022 and Q4 of 2019. The actual increase over that period was around $26 trillion based on the Q3 figures as originally reported. I wasn't merely rounding up for the headline I chose. When measured from level