Is the economy still K-shaped?
The label came into vogue to describe an economy where the rich keep pulling ahead while the poor fall further behind. Recent comments from business executives and policymakers suggest that shape might be changing.
Hilton CEO Christopher Nassetta said that sales growth is spreading beyond just luxury. And Treasury Secretary Scott Bessent said the economy is now C-shaped, with outcomes at either end of the wealth spectrum starting to converge.
“I got sick of hearing about this K-shaped economy,” Bessent said in an interview with CNBC’s Squawk Box. “I can say here, definitively, the K-shaped economy is over.”
But the…
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