Dr. Mark Cassidy:

Our data predate Covid. I imagine that Covid would have a very limited effect, but one could also look at the environment in which Covid is taking place and the fact that financial assets have increased quite significantly because of the low-interest rate environment. The motivation for low interest rates is to try to improve overall economic activity to benefit everybody in the economy. The evidence also shows that while there may have been some increase in wealth and financial assets, there has also been a significant effect on employment across the real economy. There are two effects there and I certainly support the monetary policy environment and the policies that are in place. Covid is having temporary income shocks that, hopefully, will not be sustained but I am not aware of Covid having particular effects, by itself, on wealth.