1: China’s birth rate is now lower than the US

2: Consequently, China’s working age population is projected to decline significantly during this century

3: Inflation expectations are beginning to become ingrained in the American psyche (orange line – note the change in trend since 2020). This is what the Fed is fighting.

4: US employment is back to pre-pandemic peak.

5: The 11 bear markets since World War II have averaged 16 months in duration.