K-shaped economy is real, per New York Fed research

Data: Federal Reserve Bank of New York; Chart: Courtenay Brown/AxiosThe uncomfortable new normal for the U.S. economy: spending growth concentrated at the top of the income ladder, a split largely explained by wealth gains from financial assets. Why it matters: The K-shaped economy is real, though it is not particularly new. That's the conclusion of research out Friday morning from the Federal Reserve Bank of New York.It confirms an economic risk lurking beneath an economy that is navigating rel...