The Great ‘Vibecession’ Rages Through an $11 Trillion Stock Boom
- Elevated cost of living and uneven wealth gains fuel US blues
- Consumer sentiment is low even as faith in stocks near records
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Time and again, Jerome Powell has made it clear. Financial conditions, the Federal Reserve’s key lever for cooling the US economy, are tight.
After an $11 trillion rally in US equities since late October — and the sudden revival of meme-stock fever — many on Wall Street think he’s dead wrong. Not only are popular gauges of the investing climate famously loose — some are looser than before the Fed kicked off its historic monetary-tightening campaign more than two years ago.