The S&P 500’s inflation-adjusted gain over the last twelve months is 21%, far above any previous reading seen on the doorstep of a U.S. recession. In other words, the wealth effect—a major contributor to the 2021-2022 inflationary spiral—is back again.
Jan
06
2024
Saved By The Wealth Effect?
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![Doug Ramsey / Chief Investment Officer & Portfolio Manager](https://leuthold.imgix.net/leutholdgroup.com/site_files/authors/DSC_3768_LR_Doug.jpg?h=150&w=150&fit=crop&fp-y=.15)