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.

CHART OF THE DAY: Spending Accelerating for the Top Slant of the K - 2024 03 12 8 12 21

CHART OF THE DAY: Spending Accelerating for the Top Slant of the K - large SSS Email Banner 4 3 2023

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