Crosscurrent: Stagflation Amid Demographic Squeeze

Labor supply contracts 0.5-1% annually from demographics/migration, 2x faster than consensus
Wage growth hits 4%+ sustaining inflation at 3.5-4.5% despite weak GDP
Central banks hold rates at 4-5% for 3+ years due to policy constraints
Fiscal costs from aging rise 15% of GDP in developed markets

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