BNY Strategist Geoffrey Yu says investors are pricing in the risk of a K-shaped economy in the US. "Our clients’ exposure in the US consumer-related stocks, discretionary staples like food production, for example, that really is coming off," Yu tells Bloomberg Television. A K-shaped economy is one where two groups experience increasingly different circumstances, with higher-income consumers continuing to spend and lower-income individuals cutting back as inflation eats into their spending power.
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