[Exhibit 2. Click image to enlarge]

August 5, 2022

Seeing a noticeable divergence in sentiment between US high income earners and their middle and low-end peers. High incomer earners account for ~40% of all spending.

Something to watch: A further deterioration by this crucial group could mean storm clouds ahead.

Source: Morgan Stanley

Related Resources

Debt Ceiling Negotiations Continue

Debt Ceiling Negotiations Continue

Inflation Deceleration Rate Shows Signs of Slowing

Inflation Deceleration Rate Shows Signs of Slowing

From Fed Rate Hikes to Rate Cuts

From Fed Rate Hikes to Rate Cuts