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U.S. household wealth declined for the first time in two years in the first quarter of 2022, edging down to $149.3 trillion as a drop in the stock market outweighed further gains in home values, a Federal Reserve report on Thursday showed.

Still, the report showed household balance sheets overall remained healthy through the first three months of the year – well above pre-pandemic levels – and looked likely to continue to support strength in consumer spending in the face of high inflation.

(Reporting by Lindsay Dunsmuir; Editing by Chizu Nomiyama)

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