"Bank of America credit and debit card spending per household moderated further in March, to 0.1% year-over-year (YoY), the slowest pace since February 2021. Sequentially, card spending per household fell 1.5% month- over-month (MoM), seasonally adjusted." BofA pic.twitter.com/SK82eeS0v1
Vanguard also led in ETF flows w $25b (36% ahead of #2), closing mkt share gap w BlackRock which saw outflows (altho that won't last). Also crazy stat: Vanguard's US equity ETFs took in $13b in Q1, rest of industry combined saw outflows. Relentless bid staying relentless. pic.twitter.com/xcA9ABnhO2
We expect Vanguard to dominate ETFs for quite a while and surpass BlackRock in market share in next two years-ish. Not only do they have the natural demand but also BYOA as mutual funds still make up about 3/4 of their aum and chunk of that will switch over to ETF format. pic.twitter.com/n3zYsGFe0A
Energy prices declined over the past year, the first 12-month decline since January 2021. Together, food and energy explain just over a tenth of inflation over the past year. 15/ pic.twitter.com/u32ktek4O7
*New research* If remote work caused population loss in big expensive cities, why did their rents and house prices go up? My new paper with @ecarl_economics suggests one answer: household formation! https://t.co/rkUKZYlrTg
At one point in the 1990s, over 80% of all U.S. deposits were explicitly covered by FDIC deposit insurance. Since then, insured deposits have fallen to ~55%, the lowest level since the 1960s. pic.twitter.com/u2rfBKWVf0
I don't think we've spent enough time marveling at the fact that Meta completely upended its business, renamed itself and insisted the metaverse was the Next Big Thing only to have AI prove that entirely wrong like six months later.
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A Wealth of Common Sense is a blog that focuses on wealth management, investments, financial markets and investor psychology. I manage portfolios for institutions and individuals at Ritholtz Wealth Management LLC. More about me here. For disclosure information please see here.
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