This week, we saw the U.S. stock markets establish new all-time highs, climbing 145% from its March 2009 lows.
Unfortunately, since the bull market began, fewer and fewer adult Americans have been invested in stocks.
From David Rosenberg’s note on Friday:
Interestingly, the folks at Gallup just updated their survey and found that only 52% of American households now have money invested in the stock market, down from 53% a year ago and 62% five years ago. This is historically quite low … and guess what? This is causing bulls to come out and argue that the Fed has to be even more aggressive and for longer because this reduced public participation in equities means that we need an even larger wealth effect for the half of the population that are not involved in the market in order for the Fed to ultimately get its desired ‘escape velocity’ for the real economy.
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