Record levels of wealth in the US economy conceals important disparities that could hamper the flow of credit to the neediest groups, the Federal Reserve Bank of New York’s research chief said on May 17.

Aggregate housing wealth has surpassed its previous peak, but there have been “important shifts” in wealth distribution, Beverly Hirtle said during a press briefing. In particular, fewer young people are making the transition from renting to owning houses, and therefore older people have