Corporate debt continued to pile up ahead of what's likely to be the first interest rate rise in nine years, according to data released by the Federal Reserve on Thursday. Corporate debt grew at a 7.2% seasonally adjusted annual rate in the first quarter, the fastest growth in a year, the report said. Corporate cash actually fell slightly, to $1.99 trillion from $2 trillion. Household debt grew just 2.2%, as a 0.3% fall in mortgage debt offset a 5.6% rise in auto loans, student loans and credit cards. Household and nonprofit net worth grew $1.3 trillion during the quarter, with a $503 billion rise in the value of real estate and a $487 billion gain in the value of equities.
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