Oil sustained above $90 per barrel could trigger a 10%–15% decline in the S&P 500 Index, according to J.P. Morgan Private Bank strategists Joe Seydl and Kriti Gupta. The study suggests that a falling stock market could negatively impact American consumers, who have never owned this much of their wealth in equities in 50 years. Corporate equities now represent roughly 25% of U.S. household and nonprofit net worth, an all-time high. The Federal Reserve’s inflation model estimates that each $10 rise in oil prices adds roughly 0.35 percentage points to inflation. If oil prices continue to rise, the wealth effect accumulates, causing consumers to feel poorer as portfolios shrink and spending contracts.