We may now pause the never-ending search to find just one thing to blame inflation on, sigh, and say "OK, boomer." If Millenials have enough disposable income for this to be a contributing factor, the economy is doing a lot better than I thought.
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 we have in the United States a whole lot of people, (aged) 27 to 42, who postponed homebuying, car buying, for about seven years later than most generations," he said.
"But in the past two years they've all entered the party together, and this is just the beginning of a 10-to-12-year time period where there's about 50% more people that are wanting these things than there were in the prior group."
"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.