The Fed’s accommodative monetary policy produced substantial stock inflation, while growth in “real economy” prices has been subpar. Specifically, since the recovery began in 2009, wages have grown about 50% and nominal GDP has grown roughly 50%. In contrast, stocks have catapulted 350% in the same time frame.

Apolitical side note: The central bank of the United States (a.k.a. “Federal Reserve”) is responsible for wealth inequality. They’ve ensured asset price gains with their policies, but their tools have done little for those whose well-being depends upon wages.

When Will Earnings Matter Again?
Apocalyptic Retail