The economy is already in a "selective recession," according to JPMorgan's Matthew Boss.
The top 10% of American earners have gained more than $30 trillion in wealth since 2020, Fed data shows.
AdvertisementThe US economy is being split by a "selective recession," as some consumers see "huge" wealth creation while others struggle to get by, according to JPMorgan analyst Matthew Boss.
The equity analyst pointed to the divide between low-income and high-income consumers.
High-income consumers are thriving, evidenced by the $40 trillion worth of spending they're driving into the economy, which is around half of all consumer spending in the US, Boss estimated.
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JPMorgan's Matthew Boss, —, Matthew Boss
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