McDonald’s may be known for its golden arches, and Cava for its four-letter name boldly stamped on each take-out bag, but both restaurant chains have a different letter to sum up business right now: a big K.

The respective fast-food CEOs are the latest in the restaurant business to sound the alarm of a K-shaped economy , where high-income earners are spending as if nothing is wrong, while lower-income Americans tighten their belts and pull back on spending.

“We continue to see a bifurcated consumer base with [quick-service restaurant] traffic from lower-income consumers declining nearly double digits in the third quarter, a trend that’s persisted for nearly two years,” McDonald’s CEO Chris Kempczinski said during the company’s earnings call on Wednesday, echoing a warning about a two-

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