JPMorgan Makes A Striking Discovery: "The Wealth Effect Is Dead"
Zero Hedge -

Last week we highlighted that in the latest comprehensive revision to the national accounts data, the personal saving rate in 1Q18 was revised to 7.2% from a previously-reported 3.3%, with the entire series similarly shifted higher in the post financial crisis era.

What caused this dramatic revision? As Macquarie's Viktor Shvets wrote earlier this week, the largest and most persistent revisions occurred not in compensation but in proprietary & investment incomes. In other words, for the...


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