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16-07-2022, 01:01 PM
PUBLISHED FRI, JUL 15 2022 1:10 AM EDTUPDATED FRI, JUL 15 2022 1:41 PM EDT
Natasha Turak
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“See, what everyone is not including in the conversation is what really causes inflation, which is too many people with too much money chasing too few goods,” Bill Smead, chief investment officer at Smead Capital Management, told CNBC’s “Squawk Box Europe” on Thursday.
Smead explained that in the U.S. there are an estimated 92 million millennials, primarily in the 27- to 42-year-old age bracket. “The last time we saw what we call ‘wolverine inflation’ — which is inflation that is hard for policymakers to stop — was when 75 million baby boomers had replaced 44 million silent generation people in the 1970s.”
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“So the Fed can tighten credit, but it won’t reduce the number of people wanting these necessities in comparison to the prior group,” Smead said.
To be sure, the Federal Reserve’s printing of an unprecedented amount of money since the pandemic began is a major cause of inflation, economists agree. Smead also did not mention skyrocketing energy prices due to geopolitical events and supply issues, which can’t be blamed on millennials.
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Plenty of millennials would disagree with the idea that they all have a lot of money and are now purchasing assets
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upward of 60% of millennials are delaying homebuying due to student debt or the simple cost of homes compared with wages. This generation is also the one with the fastest-growing debt burden.
Even many of those with ample funds are still holding back.
......
Despite all this, millennials are still making up the largest chunk of the homebuyer market by generation. They’re also the largest generation in the U.S. by population.
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18% of millennials believed they would be paying rent forever, giving up on homeownership
Full report at: https://www.cnbc.com/2022/07/15/millenni...-says.html
Natasha Turak
......
“See, what everyone is not including in the conversation is what really causes inflation, which is too many people with too much money chasing too few goods,” Bill Smead, chief investment officer at Smead Capital Management, told CNBC’s “Squawk Box Europe” on Thursday.
Smead explained that in the U.S. there are an estimated 92 million millennials, primarily in the 27- to 42-year-old age bracket. “The last time we saw what we call ‘wolverine inflation’ — which is inflation that is hard for policymakers to stop — was when 75 million baby boomers had replaced 44 million silent generation people in the 1970s.”
......
“So the Fed can tighten credit, but it won’t reduce the number of people wanting these necessities in comparison to the prior group,” Smead said.
To be sure, the Federal Reserve’s printing of an unprecedented amount of money since the pandemic began is a major cause of inflation, economists agree. Smead also did not mention skyrocketing energy prices due to geopolitical events and supply issues, which can’t be blamed on millennials.
......
Plenty of millennials would disagree with the idea that they all have a lot of money and are now purchasing assets
......
upward of 60% of millennials are delaying homebuying due to student debt or the simple cost of homes compared with wages. This generation is also the one with the fastest-growing debt burden.
Even many of those with ample funds are still holding back.
......
Despite all this, millennials are still making up the largest chunk of the homebuyer market by generation. They’re also the largest generation in the U.S. by population.
......
18% of millennials believed they would be paying rent forever, giving up on homeownership
Full report at: https://www.cnbc.com/2022/07/15/millenni...-says.html
