K-Shaped Recovery

There's significant stability and growth in the high end and some moderate signs of stress in the low end

Summary: On a headline level, the economy is resilient. Spending growth has been robust and labor markets are tight. Beneath the surface though, there’s a divergence between low and high income consumers. Capital markets aren’t being driven by low income consumer spend, so the impact on stock prices is low for now, but the divergence in well-being could…