[Campbell's just forecast a weak year](https://www.cnbc.com/2026/09/03/campbells-forecasts-weak-year-ahead-on-pressured-consumer-spending.html) on "pressured consumer spending," but here's what nobody's naming: that's not a slowdown signal, it's a *bifurcation collapse*. When the most price-sensitive consumer is squeezing *soup sales*, affluent consumers aren't far behind. The Beige Book told us exactly this—rich people still spending while everyone else tightens.

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