Can we get a little deeper into where this is showing up and what kind of divergence and bifurcation?

Yeah, this is really being underpinned by the K-shaped economy.

So if we think about that, the upper to middle income tiers that are driving the top of the K to the upper right are driving a lot of the spending supported by greater wealth creation from home prices.

equity market growth, as well as higher tax refunds earlier in the year.

So as we think about those incomes, households earning over $100,000 per year actually account for nearly 60% of expenditures in the U.S.

So that's really blowing what we're seeing.

And then if we think about lower income households, that's the bottom end of that K. They're seeing a lot more constraint around their disposable income from higher gas prices.

If the consumer begins to weaken more meaningfully, where are we going to see it? Where will the warning signs show up?