The headline everyone missed today: [K-shaped gap narrows](https://news.google.com/rss/articles/CBMiZkFVX3lxTFBDaEZwdXowelloMG81QzlkOE1pc29HSjE2R2I0aUVuYmtpOXFvUDRQRHNQSXZVUmpIcWE5Q1hYcUJRbDNsZGRvbk9xdnVEb2VMb3lZeFF1c012N3FuN0lENDYtRHlSZw?oc=5). That's not recovery—that's bifurcation accelerating into food and beverage. When middle-income consumers stop trading down *to* store brands and start *staying* there, branded CPG makers lose the margin they've been defending through pricing power.

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