Recommendable! Nice summary! They say demography is destiny!
"From the early 1980s through 2020, the U.S. lived through the greatest bond bull market in history. Yields fell for four straight decades. Market analysts pointed to globalization, technology, and central bank credibility. But behind all of that was a single massive demographic force: the rise of America’s largest generation of savers. ...
But now, the Boomers are retiring. Over 11,000 Americans turn 65 every day. By 2030, one in five Americans will be over 65. The great buyer class of bonds has become a seller class. They’re drawing down the assets they spent decades accumulating.
The generation behind them—Gen X, just 55 million strong—is smaller. The Millennials are about the same size as the Boomers, but poorer, slower to accumulate wealth, and less inclined to buy bonds. According to Federal Reserve data, Millennials control just eight percent of household wealth, despite making up the largest living generation. ..."
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