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But we saved everything 🙂.
Diane Swonk highlights that the concentration of stock market gains is powering the economy but can be easily overlooked. She notes that, together with the compounding effects of inflation, this concentration is driving a larger gap between those who have and those who do not.
Swonk suggests these forces create fault lines within economic gains and help sustain the service sector.
Swonk has previously noted that manufacturing firms are moving ahead of anticipated price hikes, raising concerns about potential inflation cycles in the sector here. She also signaled that a hot U.S. PCE inflation reading is expected for May, citing persistent energy and services inflation here. These observations contribute to ongoing scrutiny of uneven economic outcomes.