US Personal spending and income habits are hard to decipher amid the massive government transfers and pent-up (and bought-forward) demand of various items - with spending plummeting and incomes soaring - and June pushed that even further with incomes falling 1.1% MoM, worse than the expected 0.6% drop; and spending rising 5.6% MoM (better than expected 5.2% and off a revised higher May).

Source: Bloomberg

On a year-over-year basis, incomes remain higher (government transfers) and spending lower...