U.S. household wealth dips in first quarter

STORY: Household wealth in the U.S. declined for the first time in two years, a Fed report showed

Source: Federal Reserve quarterly snapshot

The drop was driven by a $3 tln dollar fall in the value of corporate equities

Household net worth edged down to $149.3 tln from a record $149.8 tln at the end of last year

Meanwhile real estate values climbed another $1.7 tln

Overall household balance sheets remain healthy, sitting at $32.5 tln above levels seen before the health crisis

Bank account balances rose about $210 bln to $4.47 tln

Time and savings deposits were up about $90 bln to $11.28 tln

That added cash may help maintain consumer expenditures even as the Fed seeks to address price increases

But a continued weakening of stocks in Q2 suggests Americans’ wealth took another hit from April onward