The wealth effect is an elusive concept that policymakers and forecasters have struggled to quantify.
But in the opinion of macro commentator James Aitken it may be the swing factor that will prevent US Federal Reserve chairman Jerome Powell from cutting interest rates any time soon, and could lift US 10-year bond rates toward 6 per cent.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
