Globally, debt and equity capital markets lost around $23 trillion of ‘wealth’ in Q2 as Putin’s invasion sent commodity prices higher, slammed stocks on recession fears, and central banks around the world engaged in policy-tightening to battle the inflationary monster at their doors.

In the US, The Fed’s Flow of Funds data issued today shows that US Households lost a shocking $6.1 trillion in Q2 – the largest quarterly loss ever (bigger than the aggregate loss reported in Q1 2020 during the peak of COVID lockdown policies around the world).

This is the second consecutive quarterly drop in net worth (after falling about $147 billion in the first quarter), dragging the total down to $143.8 trillion… as The Fed balance sheet begins to rollover.