Weekly Commentary: Playing demographic divergence now

Working-age populations are declining in major economies. We favor countries that are better adapting and sectors set to benefit from spending shifts. U.S. yields jumped last week but U.S. stocks remain near all-time highs. The strong March U.S. jobs data supports our view of only two or three cuts this year. We eye this week’s U.S. CPI. We see goods inflation pulling down overall inflation while services remain sticky. We watch for how soon the ECB will cut rates.