Tailwind: Demographic Reflation Surge

Net migration 50% higher than consensus, adding 1.5-2M workers/year to US labor force
Demographic shifts accelerate wage growth 2x faster via prime-age population expansion
Fiscal deficits persist at 6-7% GDP without sparking debt crisis, supported by revenue gains
Restrictive policy endures as inflation settles at 3.5-4.2% from labor-driven pressures

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