Recent CDC provisional data confirming a 1% drop in the U.S. general fertility rate for 2025, extending a two-decade decline since 2007, has anchored trader sentiment toward "No." Provisional figures show the rate falling to 53.1 births per 1,000 women ages 15–44, with teenage births hitting another record low and broader delays in childbearing continuing to suppress numbers. CBO projections reinforce this trajectory, forecasting a further dip to 1.58 births per woman in 2026 amid persistent economic pressures and shifting cultural norms around family formation. With quarterly estimates for Q1 2026 expected soon, the market reflects consensus around ongoing structural headwinds rather than any short-term rebound.