Could be more specific, but I agree with the sentiment. Highest US earners (top 10%) drive almost half of US consumption, so yeah, the wealthy are consuming as long as they are and continue to feel wealthy from the stock market. Energy inflation is immaterial to them, it is a rounding error.
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Could be more specific, but I agree with the sentiment. Highest US earners (top 10%) drive almost half of US consumption, so yeah, the wealthy are consuming as long as they are and continue to feel wealthy from the stock market. Energy inflation is immaterial to them, it is a rounding error.
Citations:
https://www.rbc.com/en/economics/us-analysis/us-featured-ana...
https://www.cnbc.com/make-it/2026/03/06/e-shaped-economy-rep...
https://www.axios.com/2026/01/22/jobs-stock-market-rich-amer...
https://finance.yahoo.com/news/top-10-earners-drive-nearly-1...
https://www.federalreserve.gov/econres/notes/feds-notes/weal...