The Federal Reserve Flow of Funds data for 1Q21 shows some remarkable figures. Despite the pandemic and the resulting lockdowns, business closures and, at its worst point, the loss of more than 20 million jobs, the US household balance sheet improved massively over the past four quarter with total wealth now standing at $154.2tn. Before the pandemic hit total assets ended 2019 at $134.3tn, falling to $127.8tn at the end of March 2020 when financial markets were in capitulation mode. Non-financial assets – primarily real estate, but it also includes things such as cars, jewellery and equipment – now totals $44.6tn ... (full story)