An unprecedent increase in household wealth from housing, stocks and cryptocurrencies may have structurally changed the US labor market. The Fed, assuming no structural change, may be running the economy much hotter than they realize. A reading, by Emil Kalinowski.----------WHO----------Joseph Wang spent five years as the senior trader on the open markets desk at the Federal Reserve. Read by Emil Kalinowski. Art by David Parkins. Intro/outro is "Deadlines" by Dylan Sitts at Epidemic Sound.----------WHAT----------Wealth (Side)Effects: https://bit.ly/3ml5CVS----------WHERE----------Joseph's Blog: https://fedguy.com/Joseph's Twitter: https://twitter.com/FedGuy12Emil's Twitter: https://twitter.com/EmilKalinowskiDavid's Art: https://davidparkins.com/---------HEAR IT----------Vurbl: https://bit.ly/3rq4dPn Apple: https://apple.co/3czMcWNDeezer: https://bit.ly/3ndoVPEiHeart: https://ihr.fm/31jq7cITuneIn: http://tun.in/pjT2ZCastro: https://bit.ly/30DMYzaGoogle: https://bit.ly/3e2Z48MSpotify: https://spoti.fi/3arP8mYPandora: https://pdora.co/2GQL3QgBreaker: https://bit.ly/2CpHAFOCastbox: https://bit.ly/3fJR5xQPodbean: https://bit.ly/2QpaDghStitcher: https://bit.ly/2C1M1GBPlayerFM: https://bit.ly/3piLtjVPodchaser: https://bit.ly/3oFCrwNPocketCast: https://pca.st/encarkdtSoundCloud: https://bit.ly/3l0yFfKListenNotes: https://bit.ly/38xY7pbAmazonMusic: https://amzn.to/2UpEk2PPodcastAddict: https://bit.ly/2V39Xjr