AXIOS (Courtenay Brown) - U.S. economy's K-shaped gap narrows
For years, America's economy has been defined by a "K-shaped" gap: The rich kept spending at a rapid pace, while everyone else struggled to keep up. - That divide is suddenly narrowing. Why it matters: Economists warned that consumer spending growth was increasingly reliant on wealthy Americans, leaving the economy vulnerable to a stock market downturn or any other wealth shock. - Importantly, the "K" appears to be closing from the bottom up, meaning that lower- and middle-income Americans are catching up, rather than affluent households pulling back. - That could put consumer spending on a more resilient footing. Zoom in: Bank of America is calling it the "great convergence." - The bank's data shows spending and wage growth among its…