This chart from today's Early Look by Drago Malesevic shows Bank of America Institute’s Consumer Checkpoint report for February, which confirms increased spending for households with incomes above $600K versus the moderating growth observed across all other income cohorts.
Recessionary deficit spending proves stimulative for higher-income households as a multi-vector wealth effect is reinforced by interest income, equity price gains, a revival in home appreciation notwithstanding affordability constraints, and the surge in digital assets.
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