Finally seeing an institution use the structure of U.S. household wealth distribution and the contribution of different income groups to consumption to assess the fundamentals of the U.S. economy. This aligns with my views from mid-July to early August: According to Bank of America data, total U.S. credit and debit card spending in August grew by 1.7% year-over-year, while July's year-over-year growth was 1.8%. Seasonally adjusted spending grew 0.4% month-over-month, marking the third consecutive month of growth. At the same time, Bank of America also showed the consumption growth trends among households with different levels of wealth. It’s clear that the strong demand is primarily coming from high-income households, while spending by low-income households remains at its lowest point in three years. A recent Moody’s report also mentioned that the wealthiest 10% of U.S. households account for 50% of total U.S. consumption, and this proportion has hit a record high. So you see, it’s precisely the unprecedented high spending by the wealthy that’s driving the strong demand across the U.S.