It’s been a while since I’ve written about the splintering of spending across demographics, turns out it may be keeping interest rates higher for longer.

Spending by older affluent Americans is helping grow the economy. But it’s also contributing to a delay in the Federal Reserve cutting rates.
…
People 55 and over own nearly 75% of all household wealth. With gains in both the housing and stock markets, older people are spending more on expensive services like travel, entertainment, and healthcare, keeping prices in those sectors high

via The Daily Upside