Causal implications · Demographics · 2026-10-16

    Stable demographics exert secular downward pressure on r* and equity valuations.

    DemographicsState: StableConfidence Medium
    Confirmed by
    • Labor Force Participation Rate (CIVPART)
    • Real Natural Rate of Interest Estimate (REAINTRATREARAT10Y)
    Invalidated by
    • Rapid Labor Force Growth (CLF16OV)

    No verifiable public source recorded for this card.

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