We break down the data by generation and make three observations. First, prior to the pandemic, the % YoY growth in the number of households with an escrow payment among both younger and older Millennials was consistently higher than that of Baby Boomers (Exhibit 4). This makes sense given that Millennials were entering prime home-buying age in 2019. Second, this gap widened rapidly in 2020 and 2021 as record low mortgage rates made home buying more affordable, which allowed an uptick in homeownership, especially among younger generations. Third, as we entered 2022, and home affordability started to plummet with the rapid increase in interest rates, the % YoY growth rate of escrow payments among Millennials converged to that of Gen X and Baby Boomers, with older Millennials (age 35-45) seeing the biggest pullback.
December 4, 2023
Saudi Arabia and Russia are leading the way, with cuts of 1m barrels a day and 300,000 b/d respectively; the rest of OPEC+ is together contributing another 3.7m b/d in cuts. Recent oil-price drops reflect both expectations of slowing global demand, influenced by concerns over China’s economy, and the fact that geopolitical risk has fallen: few now expect the war in Gaza to turn into a broader regional conflict. At the same time, other producers, including America, Brazil, and Guyana, have increased output, making up for OPEC+ cuts.