Who's Going Too Fast?
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"Any hopes the Fed might have had for a significant near-term reversal of the wealth effect evaporated" with last week's stock-market rally, says Ian Shepherdson, chief U.S. economist at High Frequency Economics. He expects increases totaling 0.75 percentage point by fall. Maybe that will finally arrest the dreaded wealth effect. Let's just hope our broad prosperity doesn't get stopped in its tracks as well.
--With reporting by Bernard Baumohl/New York
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