US net immigration is set to collapse, which reduces labor force growth, consumption, and potential GDP. This is a structural slowdown rather than a cyclical one. A tighter labor market and weaker population-driven demand will limit Fed easing and act as a headwind to US corporate earnings, especially outside mega-cap tech.
Regions with stronger demographics can gain relative growth appeal, supporting capital rotation into non-US equities, EM, and commodities.
New World Investment Research 
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