Per a September 2020 report by the Federal Reserve: "Between 2016 and 2019, median wealth rose for all race and ethnicity groups," but growth rates for this "period were faster for Black and Hispanic families, rising 33 and 65 percent, respectively, compared to White families, whose wealth rose 3 percent, and other families, whose wealth rose 8 percent." The report notes that this data predates the global Covid-19 pandemic and urges readers "to exercise caution in making any inferences" about 2020. Because association does not prove causation, these outcomes cannot automatically be attributed to President Trump, but they do disprove numerous negative media portrayals of economic conditions during Trump's tenure, especially for blacks and Latinos.