Mike Zaccardi, CFA, CMT(@MikeZaccardi):T at Apollo: Fed data show the US consumer is less K-shaped than perceived: • Nominal spending growth has been a similar ~4-5% YoY across all income groups since 2024. • Household net worth is up substantially across the board since 2019

Mike Zaccardi, CFA, CMT

@MikeZaccardi

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Mike Zaccardi, CFA, CMT@MikeZaccardi

2026.10.31 11:08

T at Apollo: Fed data show the US consumer is less K-shaped than perceived: • Nominal spending growth has been a similar ~4-5% YoY across all income groups since 2024. • Household net worth is up substantially across the board since 2019—including ~80% for the bottom 20%.