The Economic Impact of the Fed's Higher Rate Environment

The expected return, the target return is clearly drifting up. That's pivoted to the regional bank stresses that we saw earlier in the year. Do you think we're out of the woods there or do you think there'll be longer term economic and investment implications? I definitely don't think we'reOut of the woods. In order to get inflation down to a consistent 2% in the US, the Fed is going to have to raise rates to a point where things break. The transmission mechanism in the housing market is much less effective than it used to be.