New York Fed data shows K-shaped economy isn’t over yet—even if Trump’s Treasury Secretary says it is

Data from the Federal Reserve Bank of New York is shedding new light on the current state of the American economy. On Tuesday, the New York Fed issued its Quarterly Report on Household Debt and Credit, and an accompanying blog post on credit card delinquency, which found while household debt has decreased modestly, all together, Americans owe a staggering $1.26 trillion on their credit cards, even as balances continue to rise in 2026. “To us it reflects this K-shaped economy,” researchers from…