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Fol­low­ing today’s release of the lat­est Per­son­al Income and Spend­ing data, Wall Street was pre­dictably focused on the changes in these two key series, which showed a surge in per­son­al income (to be expect­ed in the month when the $900BN Decem­ber 2020 stim­u­lus hit), cou­pled with a far more mod­est increase in per­son­al spending.